Prime Finance takes Pink Stone Capital’s 103-unit DoBro rental by foreclosure

Prime Finance through the entity PFSS 180 Nassau LLC won a state foreclosure auction with a credit bid to take control of the 103-unit residential elevator building (D3) at 180 Nassau Street in Downtown Brooklyn, Brooklyn. The expected use is real estate owned to be held for sale. The prior owner was Richard Ohebshalom’s Pink Stone Capital Group.
The deal closed on April 30, 2025 and was recorded on May 15, 2025. The property has 108,501 square feet of built space according to a PincusCo analysis of city data.
The seller bought the property on February 14, 2012, for $11.3 million. The signatory for Pink Stone Capital Group was Bartholomew T. Russo . The signatory for Prime Finance was Jeffrey A. Lehman . The contract date was March 13, 2025.

The referee managing the foreclosure sale, scheduled the auction for March 13, 2025, to sell the 103-unit rental building that has a judgment of $58 million. The auction was disclosed in a notice of sale published in State Supreme Court in Brooklyn. The debt was controlled by lender Prime Finance.

Case 532830/2022 LINK

Pink Stone Capital Group  is led by Richard Ohebshalom. The firm lost or sold two high-profile Financial District development properties in 2021, 111 Washington Street and separately 105 Washington Street.

Prime Finance through the entity Pfss 180 Nassau LLC bought the note with an original principal of $52 million on September 29, 2022 from Investors Bank.

Pink Stone bought the property on February 14, 2012, for $11.3 million, and then constructed the building. The $52 million loan is from December 2014.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Prime Finance had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pink Stone Capital Group had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development include Richard Ohebshalom, head officer and Erseida Mhili, officer. The business entities are R.E.M. Residential and Brooklyn Warehouse, Llc. The 108,501-square-foot property generated revenue of $4.9 million or $46 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 103 residential units in Downtown Brooklyn has 108,501 square feet of built space according to a PincusCo analysis of city data. The 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 and expires in 2028. The city-designated market value for the property in 2022 is $26 million. The most recent loan totaled 0.0 and was provided by Prime Finance on September 29, 2022. The property has 103 rent regulated units according to city tax records from 2023.

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 two DOB violations and $300 in OATH penalties 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 131,181 square feet of the 131,181 square feet. The largest owner is Prime Finance, followed by Chris Paravalos and then 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.

The buyer

The PincusCo database currently indicates that Prime Finance owned at least four commercial properties with 130 residential units in New York City with 135,669 square feet and a city-determined market value of $33.5 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Prime Finance. Within the portfolio, the bulk, or 80 percent of the 135,669 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 80 percent of the built space, is in Brooklyn, with Bronx next at 20 percent of the space.

Direct link to Acris document. link