United American Land, a family-owned real estate development and management company headed by brothers Albert, Jason and Jody Laboz, has purchased a multi-family building at 118-120 Duane Street in Tribeca, between Broadway and Church streets, for $11 million, The Real Deal has learned.
The property, which was previously owned by an LLC dubbed Ackerman Holding Company, traded in an off-market deal, a source close to the deal said. The five-story, 27,000-square-foot elevator building has nine residential units and retail on the ground floor. It also includes 7,500 square feet of additional air rights for development.
Neither Ellen Ackerman, principal of Ackerman Holding Company, nor Jody Laboz, of Tribeca-based Urban American, was immediately available for comment.
Ivan Hakimian of HPNY was involved in the deal, according to a person close to the transaction. Hakimian declined to comment.
The building is just one block from a prospective eight-unit luxe rental conversion at 319 Broadway, also spearheaded by United American. That project will reportedly be a mix of one- and two-bedrooms, measuring a respective 850 square feet and 1,100 square feet. Urban American purchased the building for $8 million in 2011, public records show.
United American owns a number of retail and residential buildings in both Tribeca, on lower Broadway, and in Soho, where it built two residential buildings named Soho Mews at West Broadway and Wooster Street. The company is also active in Downtown Brooklyn, where it’s been involved in the revitalization of the Fulton Mall. Last week, it unveiled a glass retail box at 497-501 Fulton Street, which will be occupied by fashion brand H&M.