News Summary
United American Land has recently made a strategic acquisition of three properties in downtown Brooklyn for $14.5 million. This move consolidates their holdings to control 16 out of 21 lots in the area. The properties, located at 385 and 387 Jay St. and 48 Willoughby St., position the company for growth in a rapidly developing neighborhood. The acquisition reflects ongoing trends in the real estate market as more high-rise residential towers are constructed nearby.
Brooklyn – United American Land has made significant strides in expanding its property portfolio in downtown Brooklyn, recently acquiring three key parcels for $14.5 million. The transaction, which took place on September 10, 2023, includes properties located near the bustling intersection of Jay and Willoughby streets.
The acquired parcels consist of:
- 385 Jay St.
- 387 Jay St. – home to a Dunkin’ outlet.
- 48 Willoughby St. – the long-standing office of the seller, David Pankin.
This acquisition allows United American Land to control 16 out of 21 lots on the trapezoidal block enclosed by Fulton and Lawrence streets, marking a significant consolidation of property in the area.
Details on the Seller
The seller, David Pankin, has managed these properties since at least the late 1970s. Pankin is notable for his career as a bankruptcy attorney, operating his office from the premises at 48 Willoughby St. Over the years, the property also housed a German pub known as Engelke’s Alt Deutsche Bier Stube, which is characterized by its distinctive half-timbered gable and Germanic font on the façade.
United American Land’s Acquisition History
United American Land has been involved in property acquisitions in this region since 1996, steadily increasing its presence. Recent notable purchases include:
- 395 Jay St. for $2.5 million in 1996.
- 144 Lawrence St. for $2.2 million in 2018.
- 465 Fulton St. in 2018, which was once a sneaker store.
- 455 Fulton St. for $3.5 million in 2021.
- 56 Willoughby St. for $6.3 million in 2023.
One notable property still outside United American Land’s control is 150 Lawrence, which has been redeveloped into Lawrence Tower, a 25-story luxury high-rise. Additionally, the area is witnessing rapid development with projects that include 55 Willoughby, a 43-story tower being constructed by Lonicera Partners.
Current Development Landscape
The broader area of downtown Brooklyn is experiencing a significant building boom, characterized by the replacement of low-slung commercial sites with high-rise residential towers. Among the notable developments is a new office and retail project at 29 Jay Street, spearheaded by Minskoff and JP Morgan Global Alternatives, representing one of the first new ground-up office buildings in Dumbo in over a century.
In recent economic maneuvers, Kushner Companies sold its minority stakes in two significant Brooklyn properties, Panorama Brooklyn and 85 Jay Street. This decision was part of a strategy aimed at raising cash amidst financial pressures.
Conclusion
The acquisition by United American Land not only enhances its foothold in a rapidly changing Brooklyn landscape but also reflects the intense competition for prime real estate in one of New York City’s most vibrant neighborhoods. With ongoing developments and a future-focused approach, the area is poised for continued transformation in the years ahead.
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Additional Resources
- Crain’s New York Business
- Wikipedia: Brooklyn
- New York Post
- Google Search: Dumbo Brooklyn
- Brownstoner
- Encyclopedia Britannica: Brooklyn
- Commercial Observer
- Google News: Brooklyn real estate
- The New York Times
- Google Scholar: Brooklyn real estate
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
