Eden Ashourzadeh pays $2.5M for mixed-use in Crown Heights

Eden Ashourzadeh through the entity 785 Franklin LLC paid $2.5 million through an estate sale for the five-unit mixed-use building (S9) at 785 Franklin Avenue in Crown Heights, Brooklyn. The expected use is cash flowing.
The deal closed on August 19, 2025 and was recorded on August 26, 2025. The property has 6,000 square feet of built space and 3,788 square feet of additional air rights for a total buildable of 9,776 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $416 and the price per buildable square foot is $255 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 the estate of Bernice L. Welch was Jenelle L. Petty. The signatory for Eden Ashourzadeh was Stephen Siminou . The contract date was March 1, 2025.

To finance the purchase, Eden Ashourzadeh obtained a $3 million loan from Hakimian Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eden Ashourzadeh purchased three properties in three transactions for a total of $8.3 million and sold two properties in two transactions for a total of $10.1 million over the past 24 months.
The seller Bernice L. Welch 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 Bernice Welch, individual owner and Jenelle Welch, site manager. The 6,000-square-foot property generated revenue of $148,080 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Crown Heights has 6,000 square feet of built space and 3,788 square feet of additional air rights for a total buildable of 9,776 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 90 feet deep with a total lot size of 2,444 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. 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 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 2.2 times the average sales volume among other neighborhoods with $615.4 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Crown Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 21 commercial properties representing 101,996 square feet of the 128,226 square feet. The largest owner is Gloria Fraser, followed by Barbra Baker and then Byron Mclean.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 128,226 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Eden Ashourzadeh owned at least nine commercial properties with 46 residential units in New York City with 40,563 square feet and a city-determined market value of $11.7 million. (Market value is typically about 50% of actual value.) The portfolio has $3.2 million in debt, borrowed from Customers Bank. Within the portfolio, the bulk, or 60 percent of the 40,563 square feet of built space are walkup properties, with C3 properties next occupying 23 percent of the space. They are all located in Brooklyn.

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