Vesper Holdings pays $2.8M to Cayuga Capital for mixed-use in Bushwick

Vesper Holdings through the entity 287 Wyckoff Assc. LLC paid $2.8 million to Cayuga Capital Management through the entity 287 Wyckoff LLC for the five-unit mixed-use building (S5) at 287 Wyckoff Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on May 20, 2026 and was recorded on June 12, 2026. The property has 4,050 square feet of built space and 1,101 square feet of additional air rights for a total buildable of 5,146 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $691 and the price per buildable square foot is $544 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on April 29, 2015, for $1.2 million. The signatory for Cayuga Capital Management was Jacob Sacks . The signatory for Vesper Holdings was Elliot J. Tamir . The contract date was March 3, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Vesper Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cayuga Capital Management had not purchased any other properties and sold three properties in two transactions for a total of $34 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Jacob Sacks, head officer. The business entity is 287 Wyckoff Llc.

The property

The mixed-use building with 5 residential units in Bushwick has 4,050 square feet of built space and 1,101 square feet of additional air rights for a total buildable of 5,146 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 84 feet deep with a total lot size of 2,118 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $688,800.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 24, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.6 times the average sales volume among other neighborhoods with $550.7 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were 224 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 14 commercial properties representing 48,375 square feet of the 61,200 square feet. The largest owner is Cayuga Capital Management, followed by Eden Ashourzadeh and then Kenneth Tse.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 61,200 square feet of built space are walkup buildings, with mixed-use buildings next occupying 49 percent of the space.

The seller

The PincusCo database currently indicates that Cayuga Capital Management owned at least 27 commercial properties with 222 residential units in New York City with 186,893 square feet and a PincusCo-determined asset value of $143.4 million. The portfolio has $86.9 million in debt, with top three lenders as Amherst Capital Management, M&T Bank , and Signature Bank respectively. Within the portfolio, the bulk, or 56 percent of the 186,893 square feet of built space are walkup properties, with D7 properties next occupying 33 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

The buyer

The PincusCo database currently indicates that Vesper Holdings owned at least one commercial property with three residential units in New York City with 2,820 square feet and a PincusCo-determined asset value of $2.6 million. The portfolio consists of at least a single C0 property.

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