Lloyd Properties, partners pay $14M for 23-unit walkup in Downtown Brooklyn

Lloyd Properties, Kadima Properties and Shelter Investment Group through the entity 177 Concord LLC paid $14 million to Thomas Liebermann through the entity Duffield View LLC for the 23-unit residential walkup building (C1) at 177 Concord Street in Downtown Brooklyn, Brooklyn. The expected use is cash flowing.
The deal closed on February 21, 2025 and was recorded on February 26, 2025. The property has 22,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $636 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.)
Traded NY reported the buyers were Lloyd Properties, Kadima Properties and Shelter Investment Group.
The seller bought the property on March 27, 2014, for $9.2 million. The signatory for Thomas Liebermann was Thomas Liebermann. The signatory for Lloyd Properties and the other buyers was David Lloyd . The contract date was September 10, 2024.

The purchase was financed with a $11.25 million loan from Derby Copeland Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lloyd Properties purchased six properties in six transactions for a total of $13.5 million and has no record it sold any properties over the past 24 months.
The seller Thomas Liebermann had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Thomas Liebermann, head officer and Miriam Liebermann, shareholder. The business entity is Duffield View Llc. The 22,000-square-foot property generated revenue of $834,560 or $38 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 23 residential units in Downtown Brooklyn has 22,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 5,592 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $4.8 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 five housing violations and $660 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 16, 2014. 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 this tax block, PincusCo has identified the owners of two of the six commercial properties representing 90,005 square feet of the 116,095 square feet. The two identified owners are Watermark Capital Group and Thomas Liebermann.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 116,095 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Thomas Liebermann owned at least two commercial properties with 51 residential units in New York City with 43,010 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $17.3 million in debt, borrowed from International Finance Bank and Valley National Bank. Within the portfolio, the bulk, or 51 percent of the 43,010 square feet of built space are walkup properties, with elevator properties next occupying 49 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Lloyd Properties owned at least six commercial properties with 40 residential units in New York City with 20,011 square feet and a city-determined market value of $8.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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