LIHC buys out Cammeby’s, FBE for $40.1M at 2 land parcels, 3 rentals in Williamsburg
LIHC Investment Group through the entity La Cabana Acquisition, LLC paid $40.1 million for the remaining interests Cammeby’s International Group and FBE Limited through the entity Cam Cabana, LLC had in two undeveloped land parcels at 34 Ten Eyck Street and 24 Stagg Street, and three rental buildings, the 167-unit walkup (C9) at 391 Lorimer Street, the 48-unit walkup (C9) at 16 Ten Eyck Street and the 48-unit walkup (C9) at 417 Lorimer Street, all on adjacent tax blocks in Williamsburg, Brooklyn.
This transaction comes two and a half years after LIHC bought out a majority of Cammeby’s and FBE’s interests in the three buildings, in a transaction valued at $84.9 million, as PincusCo reported at the time. The land parcels were not included in that 2022 transaction.
With this deal, Cammeby’s and FBE no longer have stakes in these properties, according to a spokesperson for LIHC, who noted there were no current plans for the undeveloped parcels.
The deal closed on December 31, 2024 and was recorded on January 27, 2025. The five properties have 182,879 square feet of built space and 108,544 square feet of additional air rights for a total buildable of 250,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $219 and the price per buildable square foot is $160 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.)
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer LIHC Investment Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cammeby’s International Group had not purchased any other properties and sold one property in one transaction for a total of $36.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ephraim Fruchthandler, head officer and Matis Tyberg, site manager. The business entity is La Cabana Apartments Llc. Out of the five properties, three with a total of 182,879 square feet of built space generated revenue of $3.7 million per year.
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 27 housing violations and $600 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 block
On the tax block of 391 Lorimer Street, PincusCo has identified the owners of nine of the 11 commercial properties representing 90,522 square feet of the 93,222 square feet. The largest owner is LIHC Investment Group, followed by St. Nicks Alliance and then Ben Weiss.
There are no active new building construction projects on this tax block.
The majority, or 100 percent of the 93,222 square feet of built space are walkup buildings, with industrial buildings next occupying 0 percent of the space.
The seller
The PincusCo database currently indicates that Cammeby’s International Group owned at least 119 commercial properties with 16,259 residential units in New York City with 16,005,466 square feet and a city-determined market value of $1.9 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 16,005,466 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 55 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.
The PincusCo database currently indicates that FBE Limited owned at least 29 commercial properties with 823 residential units in New York City with 786,438 square feet and a city-determined market value of $115.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 77 percent of the 786,438 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Manhattan next at 18 percent of the space.
The buyer
The PincusCo database currently indicates that LIHC Investment Group owned at least 18 commercial properties with 2,192 residential units in New York City with 2,451,951 square feet and a city-determined market value of $249.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 2,451,951 square feet of built space are elevator properties, with walkup properties next occupying 7 percent of the space. The bulk, or 60 percent of the built space, is in Bronx, with Brooklyn next at 30 percent of the space.
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