GO-RE Group pays $28M to Prophet for 66-unit rental in Flatbush

UPDATED 9:15 a.m., May 7, 2025: GO-RE Group through the entity 88 Linden Equities LLC paid $28 million through a real estate owned (REO) transaction to Prophet Capital Asset Management through the entity Prophet Linden Corp for the 66-unit residential elevator building (D3) at 88 Linden Boulevard in Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on May 1, 2025 and was recorded on May 6, 2025. The property has 60,259 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $464 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 May 20, 2015, for $2.1 million. The signatory for Prophet Capital Asset Management was Kurt Rechner . The signatory for GO-RE Group was Doron Greenberg . The contract date was February 21, 2025. Prophet Capital Asset Management, the former lender, took back the property on June 7, 2021, as a result of a foreclosure action, 509463/2019, filed in Brooklyn in 2019. GO-RE Group is led by Doron Greenberg and Aviad Ohayon.

A JLL team of Rob Hinckley, Jeffrey Julien, Steven Rutman and Ethan Stanton brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer GO-RE Group purchased one property in one transaction for a total of $28.2 million and has no record it sold any properties over the past 24 months.
The seller Prophet Capital Asset Management 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 Joel Kohn, head officer and Moshe Berger, agent. The business entities are Prophet Linden Corp and Prophet Linden Corp.

The property

The residential elevator building with 66 residential units in Flatbush has 60,259 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 160 feet deep with a total lot size of 12,000 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.6 million. The most recent loan totaled $11 million and was provided by Prophet Capital Reit on July 29, 2019. The property has 62 rent regulated units according to city tax records from 2023.

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 one housing violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 24, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 13 of the 21 commercial properties representing 223,899 square feet of the 258,808 square feet. The largest owner is GO-RE Group, followed by Seung Hyun Kim and then Lilmor Management.
On the tax block, there were two new building construction projects totaling 31,523 square feet. The largest is a 29-unit, 18,827 square-foot residential (R-2) building submitted by Candor Capital and filed by Charles Wurzberger with plans filed May 26, 2022 and permitted July 25, 2023. The second largest is a 18-unit, 12,696 square-foot residential (R-2) building submitted by Solomon Feder with plans filed September 25, 2015 and it has not been permitted yet.

The majority, or 46 percent of the 258,808 square feet of built space are elevator buildings, with walkup buildings next occupying 38 percent of the space.

The buyer

The PincusCo database currently indicates that GO-RE Group owned at least one commercial property with 66 residential units in New York City with 60,259 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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