Prime Finance buys $52M note secured by Pink Stone’s 103-unit rental in Downtown Brooklyn

Prime Finance through the entity Pfss 180 Nassau LLC bought a note with an original principal of $52 million from Investors Bank secured by Pink Stone Capital Group’s 103-unit residential elevator building (D3) at 172-184 Nassau Street, also known as 180 Nassau Street, in Downtown Brooklyn, Brooklyn.
The deal closed on September 29, 2022 and was recorded on November 7, 2022. The prior lender was Investors Bank which held debt that had an original loan amount of $52 million.The property has 108,501 square feet of built space according to PincusCo analysis of city data.
The owner bought the property on February 14, 2012, for $11.3 million. The signatory for Pink Stone Capital Group was Richard Ohebshalom. The $52 million loan is from December 2014.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Richard Ohebshalom, head officer and Rick Elezi, officer. The business entity is Brooklyn Warehouse, Llc. The 108,501-square-foot property generated revenue of $5.3 million or $49 per square foot, according to the most recent income and expense figures.

The property

The 172-184 Nassau Street parcel has frontage of 100 feet and is 87 feet deep with a total lot size of 13,295 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property has a 421A exemption that started in 2013.0 and expires in 2028.0. The city-designated market value for the property in 2022 is $25.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 June 13, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 22,680 square feet of the 152,693 square feet. The two identified owners are Chris Paravalos and Isadore Heimann.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 131,181 square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.

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