Belvedere Capital adds to Industry City holdings with $10M purchase from U.S. gov’t

Belvedere Capital through the entity Motor Pool 870, L.P. paid the U.S. General Services Administration $10 million for 533 2nd Avenue in Sunset Park. The deal closed on July 29, 2020, and was recorded on August 10, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous warehouse (E9). The property is 13,608 square feet. The parcel(s) have total development potential of 67,694 square feet.
The average sale price per square foot is $148.

This parcel is on the tax block just north of a series of blocks that Belvedere Capital owns in partnership with Jamestown and Angelo, Gordon & Co. at Industry City, that total 6 million square feet.

The contract date is the same as the sale date, July 29, 2020. The signatory for the buyer was Justin Weiner, director of acquisition at Belvedere.

The GSA conveyed the property in 2011 with the intent the new owner would open a family homeless shelter, but the buyer was not able to obtain the necessary zoning changes to open the shelter, and ownership reverted back to the GSA in January 2020.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link