Mordecha Gold pays $2.7M through bankruptcy for 8-unit walkup in Crown Heights

Mordecha Gold through the entity 80 New York LLC paid $2.7 million through a bankruptcy process for the eight-unit residential walkup building (C1) at 1316 Pacific Street in Crown Heights, Brooklyn. The expected use is cash flowing. The former owner, Mendel Gold turned over the property through US Bankruptcy Court Eastern District of New York case 24-42846.
The deal closed on February 26, 2026 and was recorded on March 23, 2026. The property has 10,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $257 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 8, 2014, for $2.3 million. The signatory for Mendel Gold was Mendel Gold. The signatory for Mordecha Gold was Mordecha Gold. The contract date was December 15, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Mordecha Gold had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mendel Gold had not purchased any other properties and sold four properties in three transactions for a total of $8.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Barton Schwartz, head officer and Mark Park, site manager. The business entities are Nyc Management Llc and Barton Schwartz As Receiver. The 10,500-square-foot property generated revenue of $213,885 or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Crown Heights has 10,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 114 feet deep with a total lot size of 2,860 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Crown Heights North Historic District. The city-designated market value for the property in 2022 is $2.2 million. The property has 3 rent regulated units according to city tax records from 2024.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on March 28, 2025, by Mendel Gold citing assets of $21 million. In addition, according to city public data, the property has received one DOB violation, 33 housing violations, and $80 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 block

On this tax block, PincusCo has identified the owners of 27 of the 37 commercial properties representing 214,534 square feet of the 261,722 square feet. The largest owner is Pinnacle Group, followed by Elh Mgmt. and then Moshe Mandel.
There are no active new building construction projects on this tax block.

The majority, or 71 percent of the 261,722 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Mendel Gold owned at least 16 commercial properties with 122 residential units in New York City with 129,532 square feet and a city-determined market value of $24.8 million. (Market value is typically about 50% of actual value.) The portfolio has $7.8 million in debt, borrowed from Arbor Realty Trust. Within the portfolio, the bulk, or 55 percent of the 129,532 square feet of built space are walkup properties, with mixed-use properties next occupying 29 percent of the space. They are all located in Brooklyn.

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