Rivington Company pays $17M to Leviathan Capital for dev site in Bed Stuy

The Rivington Company through the entity Myrtle Owner LLC paid $17 million to Leviathan Capital through the entity Throop LLC for the development site (G9) at 122 Sandford Street in Bed Stuy, Brooklyn, development site (V1) at 733 Myrtle Avenue in Bed Stuy, Brooklyn, and development site (V1) at 727 Myrtle Avenue in Bed Stuy, Brooklyn.
The deal closed on September 23, 2021 and was recorded on October 5, 2021.
The sale price per buildable square foot is $165 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 Leviathan Capital was Ilan Cohen. The signatory for Rivington Company was Travis Stabler.
(321588705) Plans for a 132-unit, 102,412 square-foot R-2 were filed on February 12, 2020.
Rivington was founded by Travis Stabler, who previously worked for family offices. The contract date was September 9, 2021.

Within a 400-foot radius of 122 Sandford Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on April 20, 2021 for the $300,000 renovation of 20,550-square-foot I-2 building with two residential units at 716 Myrtle Avenue.
One of those two items was a sale which Ilan Cohen bought the development site (V1) on 733 Myrtle Avenue and four other properties for $12.4 million from Scot Fishman on November 13, 2019.

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