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