Davean Holdings pays $4.4M for rental in Greenpoint, bought $73.4M in two years

Davean Holdings through the entity 159 Newel Street Owner LLC paid $4.4 million to Andrew Roth through the entity 159 Newel Realty LLC for eight-unit rental (C1) at 159 Newel Street in Greenpoint, Brooklyn.
The deal closed on November 16, 2021 and was recorded on November 30, 2021.
Davean has closed on at least nine transactions totaling $73.4 million over the past two years, according to PincusCo data.
The property has 8,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $517 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 seller bought the property on March 22, 2010, for $1.2 million.
The signatory for Andrew Roth was Andrew Roth. The signatory for Davean Holdings was Sean Lefkovits.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Davean Holdings was co-founded by Sean Lefkovits.
The former owners according to the Department of Housing Preservation and Development included Andrzej Roth, head officer and Andrew Roth, site manager. The business entity is Aar Real Estate Family Limited Partnership.

Within a 400-foot radius of 159 Newel Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on July 8, 2021 for a 20,108-square-foot R-2 building with 24 residential units at 173 McGuiness Boulevard.
One of those two items was a loan which Guy Peleg borrowed $8.0 million from Bank Leumi secured by the 0-square-foot development site (V0) on 173 McGuiness Blvd on July 12, 2021.

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