Development dreams? Laboz family has amassed $76M of property on Downtown Brooklyn block

Since 1996 the family's United American Land has bought 12 buildings spanning 377K sf

New York /
Jan.January 16, 2019 09:30 AM

An aerial of the block of Fulton, Jay, Willoughby and Lawrence Streets with United American Land’s buildings highlighted (Credit: Google Maps)

United American Land just bought four buildings on a Downtown Brooklyn block from retail investor Jeff Sutton, paying $22 million for the small portfolio.

The purchase at first appears innocuous, but if you zoom out on a map, it’s clear that the Laboz family, which owns the firm, has amassed a portfolio that makes up half of the buildings on the block over, according to real estate news website PincusCo.

Over the last two decades the firm has reportedly spent $76 million acquiring 12 buildings bordered by Fulton, Jay, Willoughby and Lawrence streets, spanning a total 376,670 square feet. It first acquired 395 Jay Street, a 12,520-square-foot retail building on the block, in 1996 for $2.5 million.

The properties are not contiguous, which could pose a challenge if the company is planning to develop on the site. There are 12 other buildings on the block owned by 10 different owners.

The firm, which is owned by Laboz brothers Albert, Jody and Jason, oversees a portfolio of 60 buildings and has a known presence in the neighborhood. In 2017, the firm landed a $65 million refinancing for its commercial condo units at 503 Fulton Street. [PincusCo] — David Jeans 


Related Articles

arrow_forward_ios
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar to acquire Homesnap for $250M

CoStar to acquire Homesnap for $250M
From top: Park Place Mall in Tucson, AZ with Brookfield Property Partners CEO Brian Kingston; Westfield Countryside in Clearwater, FL with Unibail-Rodamco-Westfield CEO Christophe Cuvillier; and The Mall at Tuttle Crossing in Dublin, OH with Simon Property Group CEO David Simon (Google Maps, Westfield, Simon, Getty)

These are the biggest malls landlords ready to hand over to CMBS lenders

These are the biggest malls landlords ready to hand over to CMBS lenders
(iStock)

Ski resorts gear up for tough season in the shadow of pandemic

Ski resorts gear up for tough season in the shadow of pandemic
From left: 555 California Street in San Francisco, Vornado CEO Steven Roth and 1290 Sixth Avenue in Manhattan (Photos via Wikipedia Commons; Getty; Trump Org)

Vornado halts sale of office towers co-owned with Trump

Vornado halts sale of office towers co-owned with Trump
The Grace Building at 1114 Sixth Avenue (Photo via Wikipedia Commons)

Here’s what tenants are paying at Brookfield & Swig’s Grace Building

Here’s what tenants are paying at Brookfield & Swig’s Grace Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...