Wilbee Corporation pays $5.5M to RYCO, Alchemy for mixed-use in Cobble Hill

Wilbee Corporation through the entity WCM Holdings I LLC paid $5.5 million to RYCO Capital and Alchemy Ventures through the entity Keystone 329 Henry LLC for the five-unit mixed-use building (S5) at 329 Henry Street in Cobble Hill, Brooklyn. The expected use is cash flowing.
The deal closed on January 30, 2026 and was recorded on February 23, 2026. The property has 5,000 square feet of built space and 472 square feet of additional air rights for a total buildable of 5,467 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,100 and the price per buildable square foot is $1,005 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 December 29, 2021, for $3.4 million. The signatory for RYCO Capital and Alchemy Ventures was James David Ryan . The signatory for Wilbee Corporation was Maxwell Kaestner . The contract date was December 9, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Wilbee Corporation purchased two properties in two transactions for a total of $11.2 million and sold one property in one transaction for a total of $17.7 million over the past 24 months.
The seller RYCO Capital purchased 10 properties in eight transactions for a total of $142.2 million and sold eight properties in seven transactions for a total of $76.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Shane Rajcooar, head officer and Gustavo Ruiz, site manager. The business entity is Keystone 329 Henry Llc.

The property

The mixed-use building with 5 residential units in Cobble Hill has 5,000 square feet of built space and 472 square feet of additional air rights for a total buildable of 5,467 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Cobble Hill Historic District. The city-designated market value for the property in 2022 is $1.3 million.

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 not received any significant violations 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 neighborhood

In Cobble Hill, The bulk, or 31 percent of the 1.9 million square feet of commercial built space are walkup buildings, with specialty buildings next occupying 30 percent of the space. In sales, Cobble Hill has 1.3 times the average sales volume among other neighborhoods with $417.9 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Cobble Hill has had very little major development activity relative to other neighborhoods.It had 30,598 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 18 commercial properties representing 36,770 square feet of the 99,107 square feet. The largest owner is Alchemy Ventures, followed by Peak Capital Advisors and then Frank Valvo Living Trust.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 99,107 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Alchemy Ventures owned at least 39 commercial properties with 365 residential units in New York City with 329,613 square feet and a city-determined market value of $81.4 million. (Market value is typically about 50% of actual value.) The portfolio has $70.6 million in debt, with top three lenders as Signature Bank, Citibank, and Greystone & Co. respectively. Within the portfolio, the bulk, or 82 percent of the 329,613 square feet of built space are walkup properties, with elevator properties next occupying 11 percent of the space. The bulk, or 77 percent of the built space, is in Brooklyn, with Manhattan next at 21 percent of the space.
The PincusCo database currently indicates that Ryco Capital owned at least 20 commercial properties with 275 residential units in New York City with 267,417 square feet and a city-determined market value of $140.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 267,417 square feet of built space are walkup properties, with mixed-use properties next occupying 26 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

The buyer

The PincusCo database currently indicates that Wilbee Corporation owned at least two commercial properties with 12 residential units in New York City with 11,749 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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