Yuco Management pays $8.8M for 7-unit walkup in Brooklyn Heights

Raymond Yu’s Yuco Management through the entity Sunset Park Properties, LLC paid $8.8 million to Robin E. Gross and Arthur Purzycki through the entity 134 Montague Realty Property, LLC for the seven-unit residential walkup building (C7) at 134 Montague Street in Brooklyn Heights, Brooklyn.
The deal closed on December 20, 2023 and was recorded on January 22, 2024. The property has 7,825 square feet of built space and 774 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,123 and the price per buildable square foot is $1,023 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 signatory for Robin E. Gross and Arthur Purzycki was Lawrence E. Fabian. The signatory for Yuco Management was Raymond H. Yu. The contract date was August 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yuco Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robin E. Gross had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Arthur Purzycki, head officer and Robin Gross, officer. The business entities are Trezza Mgmt and 134 Montague Realty Property Llc.

The property

The residential walkup building with 7 residential units in Brooklyn Heights has 7,825 square feet of built space and 774 square feet of additional air rights for a total buildable of 8,596 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 2,499 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $3.6 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 received $25 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 16 of the 20 commercial properties representing 126,865 square feet of the 166,939 square feet. The largest owner is Wilhelmina Parris Family Limited, followed by Tony Bates and then Russell Harkavy.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 166,939 square feet of built space are mixed-use buildings, with walkup buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Yuco Management owned at least 30 commercial properties with 310 residential units in New York City with 381,706 square feet and a city-determined market value of $95.4 million. (Market value is typically about 50% of actual value.) The portfolio has $85.9 million in debt, borrowed from Nationwide Life Insurance Company and Capital One. Within the portfolio, the bulk, or 52 percent of the 381,706 square feet of built space are walkup properties, with retail properties next occupying 26 percent of the space. The bulk, or 65 percent of the built space, is in Manhattan, with Brooklyn next at 35 percent of the space.

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