Naomi Lebovits, George Lebovits signs $7.5M initial loan for retail in Flatlands

Naomi Lebovits and George Lebovits through the entity Ahava Nostrand, LLC as borrower signed a initial loan with lender Dime Community Bank valued at $7.5 million for the retail building (K1) at 2577-2601 Nostrand Avenue in Flatlands, Brooklyn.
The deal closed on May 1, 2023 and was recorded on May 16, 2023. The property has 16,000 square feet of built space and 1,385 square feet of additional air rights for a total buildable of 17,324 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $468 and the price per buildable square foot is $432 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 owner bought the property on February 28, 2023, for $11 million. The signatory for Naomi Lebovits and George Lebovits was Naomi Lebovits.

Prior sales and revenue

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 retail building in Flatlands has 16,000 square feet of built space and 1,385 square feet of additional air rights for a total buildable of 17,324 square feet according to a PincusCo analysis of city data. The parcel has frontage of 220 feet and is 105 feet deep with a total lot size of 23,099 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 $3.6 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 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 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 had very little sales volume relative to other neighborhoods with $105.3 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 275,258 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 67,362 square feet of the 96,085 square feet. The largest owner is John A. Rosatti, followed by George Lebovits and then Drhr.
On the tax block, there was one new building construction project filed totaling 4,900 square feet. It is a 4,900 square-foot business (B) building submitted 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 borrower

The PincusCo database currently indicates that Naomi Lebovits owned at least one commercial property in New York City with 16,000 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.
The PincusCo database currently indicates that George Lebovits owned at least one commercial property in New York City with 16,000 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Brooklyn.

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