Ahmed Saad pays $3.3M to Andrew Eckstein for mixed-use in Bushwick

Ahmed Saad through the entity 169 Irving Ma LLC paid $3.3 million to Andrew Eckstein through the entity Greenpoint Meserole Holdings LLC for the five-unit mixed-use building (S5) at 169 Irving Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 8, 2026. The property has 5,400 square feet of built space and 432 square feet of additional air rights for a total buildable of 5,832 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $613 and the price per buildable square foot is $568 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 January 4, 2023, for $3.2 million. The signatory for Andrew Eckstein was Andrew B. Eckstein. The signatory for Ahmed Saad was Ahmed Saad. The contract date was November 21, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Ahmed Saad purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Andrew Eckstein 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 Andrew Eckstein, head officer and Felice Ekelman, shareholder. The business entity is Greenpoint Meserole Holdings Llc. The 5,400-square-foot property generated revenue of $112,428 or $21 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Bushwick has 5,400 square feet of built space and 432 square feet of additional air rights for a total buildable of 5,832 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,400 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 $1 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 $150 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 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 1.8 times the average sales volume among other neighborhoods with $547.9 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 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three 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 15 of the 34 commercial properties representing 71,365 square feet of the 143,669 square feet. The largest owner is Frank Gagliardo, followed by Joshua Gold and then Joseph Fragala.
On the tax block, there were six new building construction projects totaling 56,235 square feet. The largest is a 30-unit, 31,776 square-foot residential (R-2) building submitted by Xiao Yong Lin with plans filed April 19, 2018 and permitted July 1, 2021. The second largest is a eight-unit, 5,500 square-foot residential (R-2) building submitted by Global Team NY and filed by Xiao Yong Lin with plans filed November 22, 2023 and permitted May 20, 2024.

The majority, or 68 percent of the 143,669 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Andrew Eckstein owned at least one commercial property with five residential units in New York City with 5,400 square feet and a city-determined market value of $960,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Ahmed Saad owned at least one commercial property with four residential units in New York City with 4,500 square feet and a city-determined market value of $627,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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