Joseph Lebovits pays $42.3M to Shiya Labin for office in Bensonhurst

Joseph Lebovits through the entity 15th Avenue Realty, LLC paid $42.3 million to Shiya Labin through the entity 6201 BSD LLC for the office building (O5) at 6201 15th Avenue in Bensonhurst, Brooklyn and a parking lot across the street at 6310 15th Avenue The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on October 14, 2025. The office building has 147,520 square feet of built space and the properties together have 8,392 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $286 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 Shiya Labin was Shiya Labin. The signatory for Joseph Lebovits was George Lebovits. The contract date was August 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Lebovits had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shiya Labin had not purchased any other properties and sold two properties in two transactions for a total of $39.8 million over the same time period. Out of the two properties, one with a total of 147,520 square feet of built space generated revenue of $3.6 million per year.

The property

The office building in Bensonhurst has 147,520 square feet of built space and 8,392 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 180 feet deep with a total lot size of 36,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $18.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $300 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 Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $296 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 503,325 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.

The block

On the tax block of 6201 15th Avenue, PincusCo has identified the owners of five of the 14 commercial properties representing 200,395 square feet of the 255,766 square feet. The largest owner is Shiya Labin, followed by Gold Group and then Avrohom Schlaff.
On the tax block, there was one new building construction project filed totaling 3,956 square feet. It is a 3,956 square-foot industrial (F-1) building submitted by Bik Fong Choi with plans filed May 4, 2016 and it has not been permitted yet.

The majority, or 62 percent of the 255,766 square feet of built space are office buildings, with industrial buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Shiya Labin owned at least three commercial properties with 82 residential units in New York City with 209,085 square feet and a city-determined market value of $22.7 million. (Market value is typically about 50% of actual value.) The portfolio has $59.2 million in debt, with top three lenders as Connectone Bank, Merchants Bank of Indiana, and Arbor Realty Trust respectively. Within the portfolio, the bulk, or 71 percent of the 209,085 square feet of built space are office properties, with elevator properties next occupying 29 percent of the space. They are all located in Brooklyn.

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