Naomi Lebovits, George Lebovits pay $11M to George Malin, William Weidman for retail in Flatlands

Naomi Lebovits and George Lebovits through the entity Ahava Nostrand, LLC paid $11 million to George L. Malin and William N. Weidman for the retail building (K1) at 2577 Nostrand Avenue in Flatlands, Brooklyn.
The Malin and Weidman partnership owns about a dozen commercial properties in New York City, according to a PincusCo analysis of property records.
The deal closed on February 28, 2023 and was recorded on March 1, 2023. The property has 16,000 square feet of built space and 1,386 square feet of additional air rights for a total buildable of 17,325 square feet according to PincusCo analysis of city data. The sale price per built square foot is $687 and the price per buildable square foot is $634 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 George L. Malin and William N. Weidman was George L. Malin and William N. Weidman. The signatory for Naomi Lebovits and George Lebovits was Naomi Lebovits and George Lebovits. Malin and Weidman owned other property jointly.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Naomi Lebovits had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller George L. Malin had not purchased any other properties and had not sold any properties over the same time period. The 16,000-square-foot property generated revenue of $397,968 or $25 per square foot, according to the most recent income and expense figures.

The property

The 2577 Nostrand Avenue parcel has frontage of 220 feet and is 105 feet deep with a total lot size of 23,100 square feet. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has 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 $5 million on this tax lot.

The neighborhood

In Flatlands, the bulk, or 35 percent of the 6.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 19 percent of the space. In sales, Flatlands has the 38th highest sale turnover among other neighborhoods in Brooklyn with $85.1 million in sales volume in the last two years. For development, Flatlands has had very little major development activity relative to other neighborhoods.It had 306,673 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 51,362 square feet of the 96,085 square feet. The two identified owners are Drhr and David Nierenberg.
On the tax block, there was one new building construction project filed totaling 4,900 square feet. It is a zero-unit, 4,900-square-foot B building developed by John Rosatti with plans filed May 19, 2021 and it has not been permitted yet.

the majority, or 50 percent of the 96,085 square feet of built space are elevator buildings, with mixed-use buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that William N. Weidman owned at least 12 commercial properties in New York City with 158,077 square feet and a city-determined market value of $27.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 158,077 square feet of built space are retail properties, with mixed-use properties next occupying 43 percent of the space. The bulk, or 49 percent of the built space, is in Queens, with Brooklyn next at 45 percent of the space.
The PincusCo database currently indicates that George L. Malin owned at least 12 commercial properties in New York City with 158,077 square feet and a city-determined market value of $27.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 158,077 square feet of built space are retail properties, with mixed-use properties next occupying 43 percent of the space. The bulk, or 49 percent of the built space, is in Queens, with Brooklyn next at 45 percent of the space.

Direct link to Acris document. link