Shiya Labin has sold a Borough Park office building for $42.3 million, according to a report from Crain’s. The buyer, George Lebovits of Ahava Medical, acquired 6201 15th Avenue through a Williamsburg-based limited liability company, 6201 BSD, which acted as a shell company for Labin.
The transaction equates to $280 per square foot. Lebovits’ future plans for the property have not been disclosed. He currently operates two medical facilities in Brooklyn. The building’s only tenant is Naccarato Insurance, which occupies 500 square feet, leaving most of the space vacant. The asking rent for the property is $40 per square foot.
Labin purchased the 151,000-square-foot Class B office building in 2020 for $29.5 million. That deal also included a nearby vacant lot used for parking. The four-story building was completed in 2002. Records from the Department of Buildings indicate that its second floor was initially used for clothing manufacturing before being converted to office space.
Dan Marks of TerraCRG, who participated in the property’s 2020 sale, commented on investor interest in Borough Park. “Strong community ties generally drive the prices up above the average in areas like Borough Park,” Marks told the publication.
In another Brooklyn office transaction, RXR Realty has sold its first acquired borough office property at 470 Vanderbilt Avenue in Clinton Hill. Lincoln Property Company and Cross Ocean Partners bought the leasehold interest for an undisclosed sum, but sources told The Real Deal it was approximately $70 million or $108 per square foot.
