Royal Industries International Inc. has recently sold its industrial property in Brooklyn’s Greenwood Heights neighborhood for $16.4 million, according to a report by New York Business Journal. The 58,000-square-foot building was acquired by developers David Levitan and Joel Shafran, who are well-known for their involvement in homeless shelter development projects.
The sale of the property also included a loan of $10.75 million from Popular Bank. Royal Industries had owned the building since 1993 and had some space available for lease before relocating to Pennsylvania.
The transaction comes at a time when the area is facing challenges such as an increase in asylum seekers. Levitan, who has experience developing homeless shelters, plans to convert nearby properties into shelters despite previous criticisms and rejections.
This recent acquisition marks another successful venture for Levitan and Shafran as they continue their efforts towards providing housing solutions for those in need within the community.
