Shai Iluz pays $8.5M to L3 Capital for dev site in Williamsburg

Shai Iluz through the entity Momntum Bedford LLC paid $8.5 million to L3 Capital through the entity Rs Jz Bedford – N 6th, LLC for the vacant lot (V1) at 204-206 Bedford Avenue in Williamsburg, Brooklyn. The expected use is ground up development.
The deal closed on May 28, 2025 and was recorded on June 11, 2025. The property has zero square feet of built space and 7,500 square feet of additional air rights for a total buildable of 7,500 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $1,133 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 December 23, 2014, for $19 million. The signatory for L3 Capital was Domenic Lanni . The signatory for Shai Iluz was Shai Iluz. The contract date was February 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Shai Iluz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller L3 Capital had not purchased any other properties and sold 17 properties in 13 transactions for a total of $413.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Domenic Lanni, head officer and Alex Schatz, agent. The business entity is Rs Jz Bedford N-6th, Llc.

The property

The parcel has frontage of 50 feet and is 75 feet deep with a total lot size of 3,750 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled $122.6 million and was provided by JPMorgan Chase on December 31, 2020.

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

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 14,986 square feet. The largest, B00520142, is a new building project for a 7,496 square-foot M building submitted by Domenic Lanni with plans filed July 26, 2021 and it has not been permitted yet. The second largest, 321195390, is a new building project for a 7,490 square-foot M building submitted by Benjamin Stokes with plans filed September 27, 2016 and it has not been permitted yet.

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 2.5 times the average amount of major developments relative to other neighborhoods and is the 2nd 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 owners of seven of the 21 commercial properties representing 19,702 square feet of the 63,789 square feet. The largest owner is L3 Capital, followed by Empire State Realty Trust and then Status Capital.
On the tax block, there were two new building construction projects totaling 14,986 square feet. The largest is a 7,496 square-foot mercantile (M) building submitted by Domenic Lanni with plans filed July 26, 2021 and it has not been permitted yet. The second largest is a 7,490 square-foot mercantile (M) building submitted by Benjamin Stokes with plans filed September 27, 2016 and it has not been permitted yet.

The majority, or 45 percent of the 63,789 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that L3 Capital owned at least 20 commercial properties with 22 residential units in New York City with 68,558 square feet and a city-determined market value of $27.6 million. (Market value is typically about 50% of actual value.) The portfolio has $278.3 million in debt, with top three lenders as JPMorgan Chase, Ladder Capital, and Wintrust Bank respectively. Within the portfolio, the bulk, or 58 percent of the 68,558 square feet of built space are mixed-use properties, with office properties next occupying 16 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Shai Iluz owned at least one commercial property with eight residential units in New York City with 9,980 square feet and a city-determined market value of $620,000. (Market value is typically about 50% of actual value.) The portfolio has $7.5 million in debt, borrowed from Quanta Finance. The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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