Rami Esses pays $2M for mixed-use in Bushwick

Rami Esses through the entity 601 Central LLC paid $2 million for the five-unit mixed-use building (S5) at 601 Central Avenue in Bushwick, Brooklyn. The expected use is cash flowing.
The deal closed on January 16, 2026 and was recorded on January 29, 2026. The property has 5,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $370 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 the seller was Milton Pellot and Jeanette Pellot. The signatory for Rami Esses was Rami Esses. The contract date was September 24, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Rami Esses had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Milton Pellot 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 includes Milton Pellot, joint owner and Jeanette Pellot, joint owner. The 5,400-square-foot property generated revenue of $96,444 or $18 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 5 residential units in Bushwick has 5,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 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

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 Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.6 times the average sales volume among other neighborhoods with $533.8 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 14,400 square feet of the 29,581 square feet. The largest owner is Milton Pellot, followed by Scott Rosenthal and then Elsie Ortiz.
On the tax block, there was one new building construction project filed totaling 8,790 square feet. It is a eight-unit, 8,790 square-foot residential (R-2) building submitted by Dominique Vabre with plans filed November 17, 2020 and it has not been permitted yet.

The majority, or 59 percent of the 29,581 square feet of built space are walkup buildings, with mixed-use buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Milton Pellot owned at least one commercial property with five residential units in New York City with 5,400 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that Rami Esses owned at least two commercial properties with 17 residential units in New York City with 17,090 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 59 percent of the built space, is in Bronx, with Brooklyn next at 41 percent of the space.

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