Developer Shimon Brach signs $25.19M in Crown Heights ground leases with Montgomery Street Partners

Developer Shimon Brach as tenant signed two 99-year ground leases with a combined value of $25.19 million covering two development projects in Crown Height, Brooklyn, with landlord Montgomery Street Partners. The landlord Montgomery Street Partners on the same day just prior to signing the leases, bought four tax lots from two sellers in three transactions totaling the same amount – $25.19 million.

In the larger of the leases, Shimon Brach through the entity Pacific GL LLC signed a  $15.7 million lease with Montgomery Street Partners through the entity 1104 Pacific Ground Lessor, LLC for the mixed-use building (K4) at 1104 Pacific Street and an adjacent property, in Crown Heights, Brooklyn. The expected use is redevelopment.

On these lots, there is one active major alteration construction project, B01341528, for a 90-unit, 100,843 square-foot residential (R-2) building. The project was submitted by Shimon Brach and filed by Shimon Brach with plans filed January 9, 2026 and it has not been permitted yet.
The ground lease closed on April 21, 2026 and was recorded on May 4, 2026. The two properties have 20,009 square feet of built space according to a PincusCo analysis of city data. The ground lease price per built square foot is $786 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 Montgomery Street Partners was Murray McCabe . The signatory for Shimon Brach was Shimon Brach.

In the portion of the deal to acquire the property, Montgomery Street Partners bought two properties from two different sellers. In the larger of the deals, Montgomery Street Partners through the entity 1104 Pacific Ground Lessor, LLC paid $9.7 million to G-Way Management through the entity Pacific Lofts LLC for the mixed-use building (K4) at 1104-1112 Pacific Street in Crown Heights, Brooklyn. .
The deal closed on April 21, 2026 and was recorded on May 4, 2026. The property has 20,009 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $482 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 June 3, 2015, for $5.6 million. The signatory for G-Way Management was Tina Georgi . The signatory for Montgomery Street Partners was Murray McCabe . The contract date was April 17, 2026.

In the smaller of the deals for the renovation ground lease, Montgomery Street Partners through the entity 1104 Pacific Ground Lessor, LLC paid $6.1 million to Justin James Lee through the entity Tc Son Corp for the adjacent property in Crown Heights.
The deal closed on April 21, 2026 and was recorded on May 4, 2026. The property has zero square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $N/A 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 Justin James Lee was Justin James Lee. The signatory for Montgomery Street Partners was Murray McCabe . The contract date was July 10, 2025.

In the smaller ground lease deal, which is for a ground up construction project, Shimon Brach through the entity Dean Gl LLC paid $9.4 million to Montgomery Street Partners through the entity 1029 Dean Ground Lessor, LLC for the industrial building (E1) at 1029 Dean Street in Crown Heights, Brooklyn and industrial building (G7) at 1027 Dean Street in Crown Heights, Brooklyn. The expected use is cash flowing.
On these lots, there is one active new building construction project, B01341355, for a 80-unit, 59,847 square-foot R-2 building. The project was submitted by Shimon Brach and filed by Shimon Brach with plans filed January 1, 2026 and it has not been permitted yet.
The deal closed on April 21, 2026 and was recorded on May 4, 2026. The two properties have 6,360 square feet of built space and 16,500 square feet of additional air rights for a total buildable of 22,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,485 and the price per buildable square foot is $413 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 Montgomery Street Partners was Murray McCabe . The signatory for Shimon Brach was Shimon Brach. The contract date was July 10, 2025.

To gain control of the property, Montgomery Street Partners through the entity 1029 Dean Ground Lessor, LLC paid $9.4 million to Justin James Lee through the entity Tc Son Corp for the industrial building (E1) at 1029-33 Dean Street in Crown Heights, Brooklyn and industrial building (G7) at 1027 Dean Street in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on April 21, 2026 and was recorded on May 4, 2026. The two properties have 6,360 square feet of built space and 16,500 square feet of additional air rights for a total buildable of 22,860 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,485 and the price per buildable square foot is $413 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 Justin James Lee was Justin James Lee. The signatory for Montgomery Street Partners was Murray McCabe . The contract date was July 10, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Shimon Brach purchased one property in one transaction for a total of $7.1 million and has no record it sold any properties over the past 24 months.
The seller Montgomery Street Partners purchased five properties in two transactions for a total of $99.5 million and sold five properties in two transactions for a total of $99.5 million over the same time period. Out of the two properties, one with a total of 20,009 square feet of built space generated revenue of $418,388 per year.
Commercial Observer reported on April 24, 2026 that Castell Group and Montgomery Street Partners borrowed $47.4 million from BridgeCity Capital for 1029 Dean Street, Brooklyn, NY and 1104 Pacific Street, Brooklyn, NY.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.4 times the average sales volume among other neighborhoods with $839.1 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Crown Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 1104 Pacific Street, PincusCo has identified the owners of eight of the 26 commercial properties representing 43,732 square feet of the 113,322 square feet. The largest owner is Clipper Realty, followed by Beitel Group and then Clarissa Eubanks.
On the tax block, there were nine new building construction projects totaling 747,167 square feet. The largest is a 234-unit, 164,763 square-foot residential (R-2) building submitted by Solomon Schwimmer and filed by Solomon Schwimmer with plans filed March 6, 2022 and permitted May 27, 2022. The second largest is a 234-unit, 164,763 square-foot residential (R-2) building submitted by Solomon Schwimmer and filed by Solomon Schwimmer with plans filed March 6, 2022 and permitted May 27, 2022.

The majority, or 32 percent of the 113,322 square feet of built space are office buildings, with mixed-use buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Montgomery Street Partners owned at least three commercial properties in New York City with 18,236 square feet and a PincusCo-determined asset value of $19.4 million. Within the portfolio, all identified are condo properties.

The buyer

The PincusCo database currently indicates that Shimon Brach owned at least one commercial property with five residential units in New York City with 7,470 square feet and a PincusCo-determined asset value of $15 million. The portfolio has $5 million in debt, borrowed from BridgeCity Capital. The portfolio consists of at least a single mixed-use property.

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