Nagin family’s Superior Management pays $18.99M to Loketch Group for 10-unit Williamsburg rental

The Nagin family’s Superior Management through the entity Roebling Management LLC paid $18.99 million to developer the Loketch Group through the entity 225 Roebling LLC for the 10-unit and retail rental building at 207 South 3rd Street in Williamsburg, Brooklyn. The sale price was nearly identical to the maximum principal of a loan Loketch obtained in 2020, for $18.9 million.
The deal closed on September 12, 2024 and was recorded on October 2, 2024. The two properties have 26,617 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $713 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 the seller was Pinchos Loketch, and for the buyer was Laurance Nagin. The contract date was July 3, 2024. Loketch Group developed the building and in 2018 divided it into two condominium units, one with the 10 residential apartments and the other with two commercial condo units.

The acquisition was financed with an $11 million from Dime Community Bank which Superior Management assumed.

Superior Management made purchases in West Village and Greenwich Village in recent months.

The PincusCo database currently indicates that Superior Management owned at least 29 commercial properties with 370,954 square feet, 457 residential units and a city-determined market value of $115.9 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Apple Bank for Savings and First Republic Bank. Within the portfolio, the bulk, or 40 percent of the 370,954 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

The property

The residential unit has a total lot size of 18,066 square feet. The city-designated market value for the property in 2022 is $3 million. The most recent loan totaled $18.9 million and was provided by Dime Community Bank on November 20, 2020.
The second parcel has a total lot size of 8,551 square feet. The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled $18.9 million and was provided by Dime Community Bank on November 20, 2020.

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 not received any significant violations 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 207 South 3rd Street, PincusCo has identified the owners of nine of the 13 commercial properties representing 163,831 square feet of the 199,027 square feet. The largest owner is Metropolitan Realty Group, followed by All Year Management and then Elizabeth Markowitz.
On the tax block, there were three new building construction projects totaling 22,466 square feet. The largest is a eight-unit, 9,058 square-foot residential (R-2) building submitted by Jordan Preston with plans filed July 17, 2017 and it has not been permitted yet. The second largest is a eight-unit, 9,008 square-foot residential (R-2) building submitted by Jordan Preston with plans filed May 5, 2017 and it has not been permitted yet.

The majority, or 78 percent of the 199,027 square feet of built space are walkup buildings, with elevator buildings next occupying 11 percent of the space.

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