Gindi Capital pays $70M to PIMCO for office, retail in Downtown Brooklyn

Gindi Capital paid $70 million to PIMCO for office and retail in Downtown Brooklyn in three transactions.

In the first two transactions, Gindi Capital through the entity GC Fulton Owner LLC paid $40 million to PIMCO through the entity 490 Lower Unit Lp for the  fee controlling the office building (O5) at 25 Elm Place in Downtown Brooklyn, Brooklyn. In the second transaction, Gindi Capital paid $15 million for a leasehold on the same property.
The deal closed on March 19, 2026 and was recorded on April 7, 2026. The property has 162,891 square feet of built space and 193,742 square feet of additional air rights for a total buildable of 356,800 square feet according to a PincusCo analysis of city data.
The seller bought the property on December 2, 2013, for $18.788 million. The signatory for PIMCO was Richard Fraser . The signatory for Gindi Capital was Jack Braha . The contract date was February 27, 2026. The sale was composed of two transactions, one for $40 million for the fee and another for $15 million for the leasehold. Pimco’s corporate affiliate, Allianz Real Estate bought the two ownership stakes in December 2013 for $10.78 million and $8.008 million for a total of $18.788 million from Eli Gindi. Allianz acquired PIMCO in 2000, but PIMCO remains an independent entity.

In the third transaction, Gindi Capital through the entity Gc Fulton Owner LLC paid $15 million to PIMCO through the entity 490 Lower Unit Lp for the retail condo at 486-496 Fulton Street in Downtown Brooklyn, Brooklyn.
The deal closed on March 19, 2026 and was recorded on April 7, 2026.

To finance the purchase, Gindi Capital borrowed $50.35 million from Apollo Global Management.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Gindi Capital purchased three properties in three transactions for a total of $78.4 million and sold two properties in one transaction for a total of $4.9 million over the past 24 months.
The seller PIMCO had not purchased any other properties and sold one property in one transaction for a total of $255 million over the same time period. The 162,891-square-foot property generated revenue of $5.1 million or $31 per square foot, according to the most recent income and expense figures.

The property

The office building in Downtown Brooklyn has 162,891 square feet of built space and 193,742 square feet of additional air rights for a total buildable of 356,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 228 feet and is 125 feet deep with a total lot size of 35,680 square feet. The lot is irregular. The zoning is C5-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.6 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 $7,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 1, 2015. 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 Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 1.2 times the average sales volume among other neighborhoods with $415 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Downtown Brooklyn has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were 51 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

All properties are office.

The seller

The PincusCo database currently indicates that Pimco owned at least six commercial properties in New York City with 828,990 square feet and a city-determined market value of $346.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 73 percent of the 828,990 square feet of built space are office properties, with specialty properties next occupying 14 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Gindi Capital owned at least 12 commercial properties with 47 residential units in New York City with 101,634 square feet and a city-determined market value of $40.1 million. (Market value is typically about 50% of actual value.) The portfolio has $29 million in debt, borrowed from Goldman Sachs. Within the portfolio, the bulk, or 69 percent of the 101,634 square feet of built space are mixed-use properties, with D4 properties next occupying 21 percent of the space. The bulk, or 58 percent of the built space, is in Queens, with Manhattan next at 42 percent of the space.

Direct link to Acris document. link
Direct link to Acris document. link