Parvid Farahzad pays $41M to Triangle Equities for ground floor mall space in East Flatbush

Parvid Farahzad, who owns a facility for video and film production, Grumman Studios, through the entity Islandia Studios LLC (and others) paid $41 million to Triangle Equities through the entity Triangle Equities Junction LLC for the ground floor retail condo at 1600 Flatbush Avenue in East Flatbush, Brooklyn.
The condo unit composes the retail space on the ground floor of the Triangle Junction mall, and is shaded in the illustration below.

The deal closed on July 30, 2025 and was recorded on August 14, 2025. The property has 72,203 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $567 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 Triangle Equities was Evan Petracca . The signatory for Grumman Studios was Parvid Farahzad . The contract date was May 19, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Grumman Studios had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Triangle Equities had not purchased any other properties and sold one property in one transaction for a total of $57.1 million over the same time period.

The property

The retail condo in East Flatbush has 72,203 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 72,203 square feet. The city-designated market value for the property in 2022 is $25.8 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 12, 2012. 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.5 times the average sales volume among other neighborhoods with $400.3 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East Flatbush has had very little major development activity relative to other neighborhoods.It had 821,246 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 194,650 square feet of the 194,650 square feet. The largest owner is Allan Lebovits, followed by Alexandra Koeppel and then Juda Rosenfeld.
On the tax block, there were five new building construction projects totaling 291,877 square feet. The largest is a 67-unit, 89,149 square-foot residential (R-2) building submitted by Jackson Group and filed by Gabriel Chehebar with plans filed May 31, 2023 and permitted December 12, 2023. The second largest is a 79,232 square-foot business (B) building submitted by Joyland Management and filed by Judy Wolcowitz with plans filed September 28, 2015 and it has not been permitted yet.

The majority, or 87 percent of the 194,650 square feet of built space are elevator buildings, with retail buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Triangle Equities owned at least seven commercial properties in New York City with 709,193 square feet and a city-determined market value of $121.6 million. (Market value is typically about 50% of actual value.) The portfolio has $464 million in debt, with top three lenders as CIT Bank, LoanCore Capital, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 42 percent of the 709,193 square feet of built space are industrial properties, with specialty properties next occupying 34 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Bronx next at 11 percent of the space.

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