Gindi Capital Buys 163K-SF Downtown Brooklyn for $70M

Gindi Capital acquired control of two commercial properties in Downtown Brooklyn for a combined $70 million across three transactions dated March 19 and recorded Tuesday evening. The purchases include 25 Elm Place, a 162,891-square-foot office building at the corner of Elm Place and Livingston Street, and 486-496 Fulton Street retail condos.

The office building was bought for $40 million, with an additional $15 million paid for a leasehold assignment tied to the same property. The seller was PIMCO Prime Real Estate via related entities, including 490 Lower Unit. Tenants at 25 Elm Place include 1199SEIU and fast-food operators.