Rivington Company pays $28.7M for office in Williamsburg following foreclosure

Rivington Company through the entity 185 Marcy New Owner LLC paid $28.7 million through a real estate owned transaction to One William Street Capital Management through the entity 185m Holdings, LLC for the office building (O2) at 185 Marcy Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on April 2, 2025 and was recorded on April 8, 2025. The property has 57,425 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $499 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 former owner bought the property on February 9, 2017, for $29.9 million, then lost it in a foreclosure action to One William Street Capital Management. The signatory for One William Street Capital Management was Kurt Locher . The signatory for Rivington Company was John Travis Stabler . The contract date was October 2, 2024. One William Street Capital Management bought the debt in 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Rivington Company purchased three properties in two transactions for a total of $25.4 million and sold one property in one transaction for a total of $10.9 million over the past 24 months.
The seller One William Street Capital Management had not purchased any other properties and had not sold any properties over the same time period. The 57,425-square-foot property generated revenue of $2.8 million or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Williamsburg has 57,425 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 121 feet and is 103 feet deep with a total lot size of 12,606 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $19,000.

Development

For the tax lot building, it received its initial certificate of occupancy on June 2, 2020. On the lot, there is one active major alteration construction project, 321800440, for a 60,126 square-foot B building. The project was submitted by Joel Perlstein with plans filed November 14, 2018 and permitted January 3, 2020.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg has 2.6 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 57,425 square feet on the block.The identified owner is Rivington Company.
There are no active new building construction projects on this tax block.

All properties are office.

The buyer

The PincusCo database currently indicates that Rivington Company owned at least 14 commercial properties with 221 residential units in New York City with 183,383 square feet and a city-determined market value of $26.5 million. (Market value is typically about 50% of actual value.) The portfolio has $136.5 million in debt, with top three lenders as American Life & Security, Post Road Group, and GT Partners respectively. Within the portfolio, the bulk, or 49 percent of the 183,383 square feet of built space are office properties, with M1 properties next occupying 35 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

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