Al Laboz, through his company United American Land, has acquired three adjacent mixed-use buildings in Downtown Brooklyn for $14.5 million. The properties at 48 Willoughby Street and 385 and 387 Jay Street add nearly 9,800 square feet of built space and about 31,000 square feet of air rights to an assemblage that Laboz has been assembling since 1996.
With this purchase, the total area under Laboz’s control on the block bounded by Jay, Fulton, Lawrence, and Willoughby streets now approaches 380,000 square feet. According to PincusCo, which first reported the sale, Laboz has spent over $107 million acquiring 18 lots over nearly thirty years. These have been consolidated into 16 lots, leaving only a few owners remaining on the block.
The future plans for the site have not been disclosed. Laboz previously described the property as a “long-term hold,” citing its central location above two subway lines and near three others. The amount of land now controlled could allow for construction of one of Brooklyn’s tallest skyscrapers. However, new rental developments in New York face financial challenges following changes to state tax incentives such as the 485x program. Some developers are opting to build clusters of smaller buildings to avoid requirements tied to larger projects.
Laboz did not respond immediately to requests for comment regarding future development intentions.
This is not the first time Laboz has assembled large parcels in Downtown Brooklyn. In 2012, his family sold a nearby group of twelve parcels to AvalonBay Communities for $125 million; that site became Ava DoBro, which was Brooklyn’s largest residential tower when it opened in 2015.
In December last year, Laboz and a group including Isaac Chera of Crown Acquisitions and the Chehabar family from Jackson Group purchased Macy’s at 422 Fulton Street with plans to redevelop it into retail and entertainment space.
