Marvin Ramnath pays $3.2M for industrial in East New York

Marvin Ramnath through the entity 523 Liberty Avenue LLC paid $3.2 million to Lucia Portillo for the industrial building at 523 Liberty Avenue in East New York, Brooklyn.
The deal closed on February 21, 2025 and was recorded on February 27, 2025. The property has 6,378 square feet of built space and 23,600 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $501 and the price per buildable square foot is $106 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 Lucia Portillo was Lucia Portillo. Traded reported the buyer was Marvin Ramnath. The signatory for Marvin Ramnath was Nicole Ramnath. The contract date was February 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Marvin Ramnath had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lucia Portillo had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in East New York has 6,378 square feet of built space and 23,600 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $757,000.

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 $1,050 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 21, 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 neighborhood

In East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 1.4 times the average sales volume among other neighborhoods with $365.1 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East New York is the 9th most active neighborhood among other neighborhoods. It had 4.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing zero square feet of the 7,018 square feet. The identified owner is City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 7,018 square feet of built space are industrial buildings, with retail buildings next occupying 43 percent of the space.

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