Gindi Capital Reacquires DoBro Properties for $70M

Gindi Capital reacquired a two-property portfolio in downtown Brooklyn as part of a DoBro repositioning. The properties at 25 Elm Place and 486-496 Fulton Street were purchased from PIMCO Prime Real Estate for a combined $70 million.

The complex includes a 163,000-square-foot office building at 25 Elm Place, where Gindi previously bought the deed for $40 million and also acquired the leasehold for $15 million. At 486-496 Fulton Street, Gindi bought commercial condo units for $15 million. Athene Annuity and Life Company provided $50.4 million in acquisition financing, and CBRE’s Doug Middleton brokered the transaction.