Educational Institute Oholei Torah of Brooklyn pays $16.1M for school in Crown Heights

Educational Institute Oholei Torah of Brooklyn through the entity Ot 402 Eastern LLC paid $16.1 million to Taormina Holding through the entity Eastern Union Properties, Inc. for the school building (W1) at 402 Eastern Parkway in Crown Heights, Brooklyn. The expected use is owner-occupied.
The deal closed on June 3, 2026 and was recorded on June 17, 2026. The property has 57,840 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $277 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 Taormina Holding was Joseph Taormina . The signatory for Educational Institute Oholei Torah of Brooklyn was Shmuel Brook. The contract date was February 10, 2026.

New York Business Journal reported on this purchase yesterday.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Educational Institute Oholei Torah of Brooklyn purchased one property in one transaction for a total of $8.5 million and has no record it sold any properties over the past 24 months.
The seller Taormina Holding had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Crown Heights has 57,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 71 feet and is 185 feet deep with a total lot size of 16,720 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $8.1 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 $1,875 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 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 2.5 times the average sales volume among other neighborhoods with $900.7 million in sales volume in the last two years and is the 5th 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. There were 122 pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 203,440 square feet of the 261,280 square feet. The largest owner is Tina Georgi , followed by Mendel Rabkin and then Larry Malitzky .
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 261,280 square feet of built space are elevator buildings, with specialty buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Educational Institute Oholei Torah Of Brooklyn owned at least two commercial properties with 18 residential units in New York City with 51,800 square feet and a PincusCo-determined asset value of $18.4 million. The portfolio has $6.6 million in debt, borrowed from Provident Bank . Within the portfolio, the bulk, or 54 percent of the 51,800 square feet of built space are specialty properties, with elevator properties next occupying 45 percent of the space.

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