Joel Landau pays $7.6M for 5-unit block of apartments in Williamsburg

Joel Landau of Pinta Capital Partners through the entity 352 Wallabout 5 LLC paid $7.6 million to the Rabsky Group and Spencer Equity Group through the entity Wallabout Realty Corp. for a multifamily condominium unit with five apartments in the newly built residential property 352 Wallabout Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on December 5, 2024 and was recorded on December 17, 2024. The property has 7,457 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,019 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 signatory for Rabsky Group and Spencer Equity Group was Michael Levi. The signatory for Joel Landau was Shimon Deutsch. The contract date was July 22, 2024. This is a condominium unit that contains five rental apartments on the third and fourth floors.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Landau purchased three properties in three transactions for a total of $61 million and sold one property in one transaction for a total of $14.6 million over the past 24 months.
The seller Rabsky Group purchased one property in one transaction for a total of $18.8 million and sold three properties in three transactions for a total of $143.3 million over the same time period.

The block

On this tax block, PincusCo has identified the owners of five of the five commercial properties representing zero square feet of the zero square feet. The identified owner is Rabsky Group.
On the tax block, there were five new building construction projects totaling 672,317 square feet. The largest is a 120-unit, 159,860 square-foot residential (R-2) building submitted by Rabsky Group and filed by Rafael Rabinowitz with plans filed April 28, 2021 and permitted December 23, 2021. The second largest is a 60-unit, 133,619 square-foot residential (R-2) building submitted by Rabsky Group and filed by Rafael Rabinowitz with plans filed April 14, 2021 and permitted April 25, 2023.

The seller

The PincusCo database currently indicates that Rabsky Group owned at least 30 commercial properties with 2,946 residential units in New York City with 1,966,119 square feet and a city-determined market value of $274.7 million. (Market value is typically about 50% of actual value.) The portfolio has $2.1 billion in debt, with top three lenders as Bank Leumi, Apollo Global Management, and Madison Realty Capital respectively. Within the portfolio, the bulk, or 88 percent of the 1,966,119 square feet of built space are elevator properties, with industrial properties next occupying 8 percent of the space. The bulk, or 80 percent of the built space, is in Brooklyn, with Queens next at 20 percent of the space.
The PincusCo database currently indicates that Spencer Equity Group owned at least 10 commercial properties with 724 residential units in New York City with 484,333 square feet and a city-determined market value of $56.9 million. (Market value is typically about 50% of actual value.) The portfolio has $125.2 million in debt, with top three lenders as Sterling National Bank, Santander Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 90 percent of the 484,333 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Manhattan next at 6 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Landau owned at least six commercial properties with 20 residential units in New York City with 128,272 square feet and a city-determined market value of $47.1 million. (Market value is typically about 50% of actual value.) The portfolio has $35.6 million in debt, borrowed from Metropolitan Commercial Bank and Webster Bank. Within the portfolio, the bulk, or 62 percent of the 128,272 square feet of built space are specialty properties, with industrial properties next occupying 25 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Brooklyn next at 33 percent of the space.

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