David Levitan, Joel Shafran pay $16.4M for industrial in Greenwood Heights

David Levitan of Liberty One Group and Joel Shafran, through the entity 25th Street Owner LLC, paid $16.4 million to promotional items wholesaler Royal Industries International for the industrial building (F4) at 290 24th Street in Greenwood Heights, Brooklyn.
The deal closed on March 1, 2024 and was recorded on March 6, 2024. The property has 56,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $289 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 signatories for the buyers were David Levitan and Joel Shafran.  The signatory for the seller was Ari Rudensky. The contract date was September 27, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Liberty One Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller had not purchased any other properties and had not sold any properties over the same time period.

David Levitan is an investor of multifamily, homeless shelters and other asset types.

The property

The industrial building in Greenwood Heights has 56,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 145 feet and is 200 feet deep with a total lot size of 29,047 square feet. The zoning is M1-1D which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $4.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $8,850 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenwood Heights, The bulk, or 37 percent of the 16.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has 1.3 times the average sales volume among other neighborhoods with $373.2 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Greenwood Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 13 commercial properties representing 9,091 square feet of the 156,760 square feet. The identified owner is BEB Capital.
On the tax block, there was one new building construction project filed totaling 144,201 square feet. It is a 185-unit, 144,201 square-foot residential (R-2) building submitted by BEB Capital and filed by Craig Miller with plans filed September 23, 2021 and permitted May 13, 2022.

The majority, or 81 percent of the 156,760 square feet of built space are industrial buildings, with specialty buildings next occupying 7 percent of the space.

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