Group RMC pays $15.4M to Rivington Company for industrial in Bushwick

Group RMC through the entity 81 Beaver Brooklyn Realty LP paid $15.4 million to Rivington Company through the entity 81 Beaver Development LLC for the 16-unit industrial building (E9) at 81 Beaver Street in Bushwick, Brooklyn.
The deal closed on April 2, 2025 and was recorded on April 8, 2025. The property has 56,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $275 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 September 17, 2018, for $14 million. The signatory for Rivington Company was John Travis Stabler . The signatory for Group RMC was Sam Lernihan. The contract date was August 30, 2024. Rivington bought the parcel in 2018 for $15 million, then on August 30, 2024, Rivington sold and Group RMC executed a two-part structured transaction. In the first act, Rivington sold the property to Group RMC for a period of one year, with the sale expiring on August 31, 2025. The second act was Rivington and Group RMC as landlords signing a 99-year lease with tenant Rivington.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Group RMC purchased two properties in one transaction for a total of $14.5 million and sold two properties in one transaction for a total of $14.5 million over the past 24 months.
The seller Rivington Company purchased three properties in two transactions for a total of $25.4 million and sold one property in one transaction for a total of $10.9 million over the same time period.

The property

The industrial building with 16 residential units in Bushwick has 56,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 152 feet and is 136 feet deep with a total lot size of 10,470 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $2.3 million. The most recent loan totaled $7 million and was provided by Rivington Company on August 30, 2024.

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 five DOB violations, $4,750 in ECB penalties, and $8,675 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 321595467, for a 37,897 square-foot B building. The project was submitted by Travis Stabler with plans filed October 22, 2019 and permitted January 31, 2025.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.3 times the average sales volume among other neighborhoods with $611.1 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 944,626 square feet of commercial and multi-family construction under development in the last two years, which represents 3 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 seven of the 21 commercial properties representing 93,800 square feet of the 153,955 square feet. The largest owner is Group Rmc, followed by Jacob Hoffman and then Congregation Satmar Central.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 153,955 square feet of built space are elevator buildings, with industrial buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Rivington Company owned at least 14 commercial properties with 221 residential units in New York City with 183,383 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $136.5 million in debt, with top three lenders as American Life & Security, Post Road Group, and GT Partners respectively. Within the portfolio, the bulk, or 49 percent of the 183,383 square feet of built space are office properties, with M1 properties next occupying 35 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Group Rmc owned at least one commercial property in New York City with 43,000 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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