Eprine Community Services pays $8M to Gershon Eichorn for office in Brownsville

Eprine Community Services through the entity Eprine Community Services Inc paid $8 million to Gershon Eichorn through the entity Mint Equities LLC for office building (O5) at 1650 Eastern Parkway in Brownsville, Brooklyn.
The deal closed on July 15, 2022 and was recorded on July 27, 2022. The property has 11,384 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $702 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 December 21, 2015, for $2.3 million. The signatory for Gershon Eichorn was Gershon Eichorn. The signatory for Eprine Community Services was Luis Mota.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Eprine Community Services had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gershon Eichorn had not purchased any other properties and sold two properties in one transactions for a total of $2.5 million over the same time period. The 11,384-square-foot property generated revenue of $372,582 or $33 per square foot, according to the most recent income and expense figures.

The property

The 1650 Eastern Parkway parcel has frontage of 52 feet and is 100 feet deep with a total lot size of 5,250 square feet. 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 $950,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Brownsville, the bulk, or 46 percent of the 28.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has the 39th highest sale turnover among other neighborhoods in Brooklyn with $54.8 million in sales volume in the last two years. For development, Brownsville has 1.3 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Brooklyn. It had 1.3 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 this tax block, PincusCo has identified the owners of one of the 27 commercial properties representing 5,040 square feet of the 123,617 square feet. The identified owner is Edgar Carrasco. There is one active new building construction project totaling 30,958 square feet. It is a 91-unit, 30,958-square-foot R-1 building developed by Nehalkumar Gandhi with plans filed July 5, 2016 and permitted August 9, 2017.

the majority, or 37 percent of the 123,617 square feet of built space are walkup buildings, with hotel buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Gershon Eichorn owned at least two commercial properties in New York City with 31,240 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from Signature Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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