Gindi Capital, Crown Acquisitions Acquire Retail Condominium in Downtown Brooklyn

Family-owned investment firm Gindi Capital and Isaac Chera’s Crown Acquisitions paid a combined $70 million for the control of commercial properties in Downtown Brooklyn, according to a source with knowledge of the deal.

The property changed hands from seller PIMCO Prime Real Estate, which used the entity 490 Lower Unit. City records documented the $70 million deal across transactions dated March 19 and recorded Tuesday evening.

At the intersection of Fulton and Bond streets, control of the commercial condo units at 486-496 Fulton Street — which total 112,000 square feet — traded from Pimco to Gindi and Crown. A Burlington Coat Factory, a Chase bank branch and a Lidl grocery store number among the location’s numerous retail tenants.

The deals were financed by $50.4 million in borrowed capital from Athene Annuity and Life Company, a subsidiary of Apollo Global Management, records show.

Jack Braha, a partner at Gindi, inked the deals for the buyers. Richard Fraser, Pimco’s managing director, signed for Pimco.

The deals were recorded across two deeds and a leasehold purchase in city records, two of which were addressed to the office building at 25 Elm Place. The assignment of lease record names J.W. Mays Incorporated as the landlord. The involvement of 25 Elm Place in Gindi and Crown’s new deal was unclear.

The seller took a majority ownership stake at 486 Fulton Street through affiliate Allianz Real Estate in 2013 for $135 million. The seller was Eli Gindi, founding partner of Gindi.  

Pimco declined to comment on the transaction, while Gindi could not be immediately reached for comment. 

Emily Davis can be reached at edavis@commercialobserver.com.

Update: This story has been updated to clarify the main address and buyers in the transaction.