WM Realty Management signs $5.8M refi with Flushing Bank for 75-unit rental in Sheepshead Bay

WM Realty Management through the entity 1777 Management Co, LLC as borrower signed a refi loan with lender Flushing Bank valued at $5.8 million for the 75-unit residential elevator building (D7) at 1777 Ocean Parkway in Sheepshead Bay, Brooklyn.
The deal closed on February 6, 2026 and was recorded on February 25, 2026. The prior lender was Cassa 9Th Avenue Mezz Lender which held debt that had an original loan amount of $5.5 million.The property has 69,960 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $82 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 owner bought the property on July 31, 2008, for $5.5 million. The signatory for WM Realty Management was Aron Wiznitzer . The signatory for Flushing Bank was H. Michael Lynch .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Aron Wiznitzer, head officer and A Witznitzer, officer. The business entity is 1777 Management Co Llc. The 69,960-square-foot property generated revenue of $1.1 million or $15 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 75 residential units in Sheepshead Bay has 69,960 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 116 feet and is 130 feet deep with a total lot size of 17,980 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.9 million. Flushing Bank on February 6, 2026 bought a loan with an original principal of $5.5M from Cassa 9Th Avenue Mezz Lender signed by Gilad Gat, secured by 1777 Ocean Parkway, when owned by WM Realty Management . The property has 73 rent regulated units according to city tax records from 2024.

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 58 housing violations and $1,500 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 four of the eight commercial properties representing 246,693 square feet of the 310,476 square feet. The largest owner is Carlo A. Dimaggio, followed by Wm Realty Management and then Rosario Caggiano.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 310,476 square feet of built space are elevator buildings, with specialty buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that WM Realty Management owned at least eight commercial properties with 487 residential units in New York City with 475,360 square feet and a city-determined market value of $30.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 475,360 square feet of built space are elevator properties, with mixed-use properties next occupying 1 percent of the space. They are all located in Brooklyn.

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