Gora Group pays $16.8M to Treeline Companies for office in Brooklyn Heights

Gora Group through the entity 188 Montague LLC paid $16.8 million to Treeline Companies through the entity Treeline 188 Montague LLC for the office building (O6) at 188 Montague Street in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on June 10, 2026 and was recorded on June 23, 2026. The property has 48,050 square feet of built space and 23,976 square feet of additional air rights for a total buildable of 72,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $349 and the price per buildable square foot is $233 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 Treeline Companies was Michael Schor . The signatory for Gora Group was Samuel Friedman . The contract date was February 2, 2026. Crain’s reported on the sale previously, noting that Treeline acquired the property in 1993 for $5.2 million. The 1993 purchase was through a foreclosure auction, a review of city records found.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Gora Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Treeline Companies had not purchased any other properties and had not sold any properties over the same time period. The 48,050-square-foot property generated revenue of $2.3 million or $47 per square foot, according to the most recent income and expense figures.

The property

The office building in Brooklyn Heights has 48,050 square feet of built space and 23,976 square feet of additional air rights for a total buildable of 72,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 7,200 square feet. The lot is irregular. The zoning is C5-2A 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 property is in the Borough Hall Skyscraper Historic District. The city-designated market value for the property in 2022 is $10.7 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 one DOB violation and $1,600 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 Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 2.4 times the average sales volume among other neighborhoods with $860.2 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Brooklyn Heights has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There were 128 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 10 of the 12 commercial properties representing 921,712 square feet of the 1,262,899 square feet. The largest owner is CIM Group , followed by Equity Residential and then Quinlan Development Group .
On the tax block, there was one new building construction project filed totaling 110,000 square feet. It is a 121-unit, 110,000 square-foot residential (R-2) building submitted by Aurora Capital Associates and filed by Matthew Abreu with plans filed April 1, 2019 and permitted February 5, 2021.

The majority, or 60 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Treeline Companies owned at least four commercial properties with 25 residential units in New York City with 341,966 square feet and a PincusCo-determined asset value of $138.4 million. The portfolio has $165.2 million in debt, with top three lenders as Wells Fargo , Fortress Investment Group , and JPMorgan Chase respectively. Within the portfolio, the bulk, or 57 percent of the 341,966 square feet of built space are condo properties, with office properties next occupying 37 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.

The buyer

The PincusCo database currently indicates that Gora Group owned at least three commercial properties with 55 residential units in New York City with 38,655 square feet and a PincusCo-determined asset value of $17.9 million. The portfolio has $10.6 million in debt, borrowed from Amalgamated Bank . Within the portfolio, the bulk, or 51 percent of the 38,655 square feet of built space are walkup properties, with elevator properties next occupying 48 percent of the space.

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