Landau Properties, Third Millennium pay $140.5M to Midtown Equities for office in Brooklyn Heights

Landau Properties and Third Millennium Group through the entity 205 Montague Property Owner, LLC paid $140.5 million to Midtown Equities through the entity 205 Montague LLC for the office building (O5) at 205 Montague Street in Brooklyn Heights, Brooklyn. The expected use is ground up development.
The deal closed on December 9, 2025 and was recorded on December 29, 2025.
The seller bought the property on September 1, 2015, for $255,905. The signatory for Midtown Equities was Jack Cayre . The signatory for Landau Properties and Third Millennium Group was Yehoshua Jonathan Landau. The contract date was December 9, 2025. Midtown Equities retains a stake in the development, according to reports.
The Promote reported on this previously and provided an analysis of the financing.

205 Montague Street

Prior sales, articles and revenue

The seller Midtown Equities purchased three properties in one transaction for a total of $18 million and sold two properties in two transactions for a total of $9.4 million over the past 24 months. The 76,041-square-foot property generated revenue of $4.1 million or $53 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on December 11, 2025 that Landau Properties, Third Millennium Group, and Midtown Equities borrowed $113 million from Northwind Group for 205 Montague Street, Brooklyn Heights, Brooklyn, NY. The borrower-side brokers were Raffi Landau, Aaron Jungreis, Alex Fuchs, and Ben Khakshoor of Estreich & Company and Rosewood Realty Group.

The Real Deal reported on December 12, 2025 that Landau Properties, Third Millennium Group, and Midtown Equities borrowed $213 million from Northwind Group and Atlas Capital Group for 205 Montague Street, Brooklyn Heights, Brooklyn, NY. The lender-side brokers were Raffi Landau and Aaron Jungreis of Rosewood Realty Group.

The property

The office building in Brooklyn Heights has 76,041 square feet of built space and 116,462 square feet of additional air rights for a total buildable of 192,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 238 feet and is 161 feet deep with a total lot size of 19,250 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.6 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 one DOB violation and $3,050 in OATH penalties in the last year.

Development

On the lot, there is one active construction project, B01017825, for a new 136-unit, 411,847-square-foot residential (R-2) building submitted by Landau Properties and filed by Jonathan Landau with plans filed March 18, 2024 and it has not been permitted yet.

The neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 1.9 times the average sales volume among other neighborhoods with $581.1 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Brooklyn Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the four commercial properties representing 330,866 square feet of the 330,866 square feet. The largest owner is Jonathan Rose Companies, followed by Landau Properties and then Sol Goldman Investments.

The majority, or 50 percent of the 330,866 square feet of built space are elevator buildings, with office buildings next occupying 41 percent of the space.

The seller

The PincusCo database currently indicates that Midtown Equities owned at least four commercial properties with 121 residential units in New York City with 854,479 square feet and a city-determined market value of $254.1 million. (Market value is typically about 50% of actual value.) The portfolio has $453.5 million in debt, with top three lenders as ACORE Capital, UBS, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 67 percent of the 854,479 square feet of built space are office properties, with specialty properties next occupying 19 percent of the space. The bulk, or 60 percent of the built space, is in Brooklyn, with Manhattan next at 40 percent of the space.

The buyer

The PincusCo database currently indicates that Landau Properties owned at least one commercial property in New York City with 76,041 square feet and a city-determined market value of $24.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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