Piller Capital pays $79.8M to Camber for eight properties in Brooklyn

Piller Capital Management through the entity PPSP Associates LLC paid $79.8 million to Camber Property Group through the entity PPSP Preservation LLC for the 384-unit portfolio including the 145-unit residential elevator building (D1) at 211 Linden Boulevard in East Flatbush, Brooklyn, 68-unit residential elevator building (D1) at 280 East 21st Street in Flatbush, Brooklyn, and 30-unit residential elevator building (D1) at 682 Ocean Avenue in Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on March 2, 2026. The eight properties have 411,892 square feet of built space and 38,660 square feet of additional air rights for a total buildable of 439,535 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $193 and the price per buildable square foot is $181 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 Camber Property Group was Jamie A. Smarr and Rick Gropper . The signatory for Piller Capital Management was Jamie A. Smarr . The contract date was May 19, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 211 Linden Boulevard.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Piller Capital Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Camber Property Group purchased eight properties in three transactions for a total of $168.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rick Gropper, head officer and Todd Williams, site manager. The business entities are Twin Pines Management and Ppsp Preservation Llc. The eight properties with a total of 411,892 square feet of built space generated revenue of $7.1 million per year or $17 per square foot. The sale price per square foot was $194.
The Real Deal reported on March 02, 2026 that Star Realty Corporation paid $79.9 million to Camber Property Group for 666 Ocean Ave., Brooklyn, NY|672 Ocean Ave., Brooklyn, NY|682 Ocean Ave., Brooklyn, NY|816 Ocean Ave. Brooklyn, NY|280 East 21st St., Brooklyn, NY|91 East 18th St., Brooklyn, NY|95 East 18th St., Brooklyn, NY|221 Linden Blvd., Brooklyn, NY. The sell-side brokers were Victor Sozio, Shimon Shkury, and Sean Kelly of Ariel Property Advisors.

The property

The residential elevator building with 145 residential units in East Flatbush has 411,892 square feet of built space and 38,660 square feet of additional air rights for a total buildable of 439,535 square feet according to a PincusCo analysis of city data. The parcel has frontage of 187 feet and is 285 feet deep with a total lot size of 53,437 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 $12.3 million. The property has 144 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $7,675 in ECB penalties, $28,505 in OATH penalties, and two housing litigations in the last year.

Development

For the tax lot buildings, one out of the eight buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 211 Linden Boulevard, PincusCo has identified the owners of 11 of the 24 commercial properties representing 730,584 square feet of the 864,877 square feet. The largest owner is Pinnacle Group, followed by Camber Property Group and then Goldmont Realty.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 864,877 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Camber Property Group owned at least 83 commercial properties with 8,755 residential units in New York City with 8,730,666 square feet and a city-determined market value of $546 million. (Market value is typically about 50% of actual value.) The portfolio has $2.6 billion in debt, with top three lenders as NYC Housing Development Corporation, NYC Housing Development Corporation, and New York City Housing Authority respectively. Within the portfolio, the bulk, or 83 percent of the 8,730,666 square feet of built space are elevator properties, with D3 properties next occupying 12 percent of the space. The bulk, or 82 percent of the built space, is in Bronx, with Brooklyn next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that Piller Capital Management owned at least three commercial properties with 210 residential units in New York City with 64,359 square feet and a city-determined market value of $13.5 million. (Market value is typically about 50% of actual value.) The portfolio has $95.8 million in debt, borrowed from Affinius Capital and JPMorgan Chase. Within the portfolio, the bulk, or 54 percent of the 64,359 square feet of built space are walkup properties, with office properties next occupying 46 percent of the space. They are all located in Brooklyn.

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