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New York & Tri-State  + Outer  + Industrial  |  March 11, 2024
Emily Fu
By: Emily Fu

Homeless-Shelter Developers Buy BK Industrial Building for $16M 

Royal Industries International Inc. has sold its Greenwood Heights building in Brooklyn to 25th Street Owner LLC for $16.4 million, New York Business Journal reported. The 58,000-square-foot industrial property was purchased by developers David Levitan and Joel Shafran, known for their involvement with homeless shelters.  

The transaction included a $10.75 million loan from Popular Bank. Royal Industries owned the building since 1993, with a portion of space available for lease. Following Royal’s relocation to Pennsylvania, the building’s sale coincides with the area’s challenges, including an influx of asylum seekers. Levitan, with a history of homeless-center development, plans to convert nearby properties into shelters, despite past criticisms and rejections. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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