United American Land pays $6.3M in Downtown Brooklyn, adds to large dev site

The Laboz family’s United American Land through the entity 56 Willoughby LLC paid $6.3 million to Judith Golowa through the entity 56 Willoughby A LLC for the mixed-use building (K4) at 56 Willoughby Street in Downtown Brooklyn, Brooklyn.
This is part of a large assemblage the Laboz family has been putting together for about 25 years.
The deal closed on May 4, 2023 and was recorded on May 8, 2023. The property has 5,320 square feet of built space and 12,664 square feet of additional air rights for a total buildable of 17,990 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,184 and the price per buildable square foot is $350 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 Judith Golowa was Judith Golowa. The signatory for United American Land was Al Laboz. The Real Deal reported that United American Land was eying the building.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer United American Land had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Judith Golowa had not purchased any other properties and had not sold any properties over the same time period. The 5,320-square-foot property generated revenue of $205,579 or $39 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Downtown Brooklyn has 5,320 square feet of built space and 12,664 square feet of additional air rights for a total buildable of 17,990 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,799 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $1.5 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 Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 3.7 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 2nd highest in Brooklyn. For development, Downtown Brooklyn has 3.6 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 22 commercial properties representing 93,783 square feet of the 136,044 square feet. The two identified owners are United American Land and Solomon Schwimmer.
On the tax block, there was one new building construction project filed totaling 8,348 square feet. It is a 8,348 square-foot mercantile (M) building submitted by Albert Laboz with plans filed January 7, 2020 and permitted April 21, 2021.

The majority, or 89 percent of the 136,044 square feet of built space are mixed-use buildings, with retail buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that United American Land owned at least 50 commercial properties with 221 residential units in New York City with 976,058 square feet and a city-determined market value of $348.3 million. (Market value is typically about 50% of actual value.) The portfolio has $354.6 million in debt, with top three lenders as Signature Bank, Goldman Sachs, and Morgan Stanley respectively. Within the portfolio, the bulk, or 37 percent of the 976,058 square feet of built space are mixed-use properties, with elevator properties next occupying 23 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Brooklyn next at 29 percent of the space.

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