Vesper Holdings pays $3M to Cayuga Capital for 5-unit walkup in Bushwick

Vesper Holdings through the entity 285 Troutman Assc. LLC paid $3 million to Cayuga Capital Management through the entity Castor Development LLC for the five-unit residential walkup building (C2) at 285 Troutman Street in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on May 20, 2026 and was recorded on June 17, 2026. The property has 3,750 square feet of built space and 2,325 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $813 and the price per buildable square foot is $502 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 March 27, 2017, for $2.3 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 records that the buyer Vesper Holdings purchased one property in one transaction for a total of $2.8 million 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 four properties in three transactions for a total of $36.8 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 Castor Development Llc.

The property

The residential walkup building with 5 residential units in Bushwick has 3,750 square feet of built space and 2,325 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 $793,000.

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 $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 34 of the 48 commercial properties representing 194,053 square feet of the 264,550 square feet. The largest owner is RiseBoro Community Partnership , followed by Watermark Capital Group and then Cayuga Capital Management.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 264,550 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Cayuga Capital Management owned at least 26 commercial properties with 217 residential units in New York City with 182,843 square feet and a PincusCo-determined asset value of $143.5 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 57 percent of the 182,843 square feet of built space are walkup properties, with D7 properties next occupying 34 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 two commercial properties with eight residential units in New York City with 6,870 square feet and a PincusCo-determined asset value of $5.5 million. The portfolio has $1.9 million in debt, borrowed from Peapack Private Bank & Trust . Within the portfolio, the bulk, or 58 percent of the 6,870 square feet of built space are mixed-use properties, with C0 properties next occupying 41 percent of the space.

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