A joint venture between BH3 Management and Capstone Equities has acquired Downtown Brooklyn’s 141 Willoughby St., reportedly through foreclosure, and will reposition the tower as a mixed-use property, combining Class A commercial space and residential apartments. The 24-story tower, which delivered in 2023 and is currently vacant, will feature more than 200 residences alongside 110,000 square feet of commercial space.

Office and retail leasing at 141 Willoughby St. is now underway, with the residential conversion set to begin in 2026. The repositioning plan includes delivering both market-rate apartments and affordable housing.

“141 Willoughby St. presents a truly unique blank slate upon which to reimagine a newly developed institutional-grade asset,” said Adam Falk of BH3 Management. “By introducing high-quality residences, including much-needed affordable housing, together with fully customizable commercial space, we have a special opportunity to deliver a balanced, mixed-use property that will meet steadily rising demand in Downtown Brooklyn. This area is an increasingly attractive option for both residents and commercial users seeking a walkable and dynamic district that is also minutes from Manhattan by train.”

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