Michael Lefkowitz pays $9M to Jonas Equities for property in Bedford-Stuyvesant

Michael Lefkowitz through the entity 265 Marcus LLC paid Jonas Equities’s 265 Marcus Garvey Blvd. LLC $9.0 million for 265 Marcus Garvey Blvd in Bedford-Stuyvesant. The deal closed on November 5, 2019, and was recorded on November 13, 2019. The transaction consists of 1 parcel, including the tax class miscellaneous educational (W9). The property is 18,600 square feet. The parcel(s) have total development potential of 37,475 square feet.
The average sale price per square foot is $240.
The estimated cap rate is 1.6%

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,843,400. There was one renovation/alteration project (A2) applied for with a total estimated value of $615,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link