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Williamsburg Condo Site Trades for $48M, Lands $85M Construction Loan
L3 Capital has sold 133 Kent Ave., a fully approved development site located on the northeast corner of Kent Avenue and N 6th Street in Williamsburg, Brooklyn, for $48.25 million. The buyer was a joint venture of Joyland Group and Prospect Development, which obtained an $85-million construction loan from S3 Capital and plans to complete the site’s approved plans for a six-story mixed-use building with 43 luxury residential condominiums.
A JLL team of senior managing director Brendan Maddigan and managing directors Ethan Stanton and Michael Mazzara represented the seller and procured the buyer. JLL’s debt advisory team spearheaded by senior managing director Aaron Niedermayer and managing director Geoff Goldstein arranged the construction financing.
“The property sold for $670 / ZFA which is the new high watermark for a ground-up site in Williamsburg,” said Stanton. “This is arguably the strongest corner in all of Brooklyn, and the developers will capitalize on the trajectory of both the retail rents on N 6th and residential condominium fundamentals in the neighborhood.”
Added Joshua Crane, co-founder and managing principal of S3 Capital. “The area continues to attract both residents and investors due to its vibrant culture, waterfront access, and retail options. Given these
favorable market fundamentals, our team is pleased to continue our significant investment in the
area.”
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
