Senvest Capital affiliate pays $17.5M to Arel Capital for Bushwick retail

UPDATED 1:48 p.m., September 25, 2025: Harrison Mashaal and Senvest Capital through the entity 321 Starr Property Owner LLC paid $17.5 million to Arel Capital through the entity Starrstruck Holding LLC for the retail building (K2) at 321 Starr Street in Bushwick, Brooklyn.
The deal closed on September 22, 2025 and was recorded on September 25, 2025. The property has 26,624 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $657 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 seller bought the property on June 22, 2015, for $9 million.
The signatory for Arel Capital was company co-founder and managing partner Richard Leibovitch.

James Wiseman of Starrstruck Holding, LLC submitted a major alteration application for a $2,000,000.00 rehab of 20,474 square-foot D-1 building at 321 Starr Street in Bushwick, Brooklyn. The plan was filed with the New York City Department of Buildings on August 17, 2015 under job number 320908906 and was permitted on June 17, 2016. It call for the increase in size of the building from a one-story building to a one-story building. The project is described in the filing as: convert manufacturing building to retail, eating and drinking establishments, offices, medical offices (ambulatory diagnostic care) with physical culture establishment.

Harrison Mashaal and Stephen Mashaal are listed as guarantors on the $12.5 million loan they assumed.

Senvest Management, based in Manhattan, is an investment manager of Senvest Capital funds. Senvest Management has an office the same building as Arel Capital, 540 Madison Avenue. Senvest Management is a subsidiary of Senvest Capital, which is a public company with diverse investments based in Montreal.

The property

The retail building in Bushwick has 26,624 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 232 feet and is 100 feet deep with a total lot size of 23,250 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $5.6 million. The most recent loan totaled $12.5 million and was provided by JPMorgan Chase on January 23, 2025.

Prior sales and revenue

This property was sold for $9 million on June 22, 2015.

The 26,624-square-foot property generated revenue of $975,414 or $37 per square foot, according to the most recent income and expense figures.

Development

For the tax lot building, it received its initial certificate of occupancy on August 6, 2018.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $1,000 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has near average sales volume among other neighborhoods with $513.7 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has near average amount of major developments among other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 33,749 square feet of the 65,099 square feet. The two identified owners are Arel Capital and Bushwack Capital. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Arel Capital owned at least one commercial property in New York City with 26,624 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio has $77.5 million in debt, borrowed from Deutsche Bank and JPMorgan Chase. The portfolio consists of at least a single retail property. It is located in Brooklyn.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 54 Cypress Avenue in the past 24 months.

Correction: A prior version of this post identified the buyer as Senvest Management, but in fact it’s Senvest Capital. Senvest Management is a subsidiary of Senvest Capital.

Direct link to the property’s ACRIS page and link to DOB NOW portal.