JLJ Capital is providing a $57-million loan to 329 LLC for completion of a mixed-use 16-story tower at 329 Broadway in Brooklyn’s Williamsburg neighborhood.
“Williamsburg remains one of the most popular neighborhoods in Brooklyn, and continues to draw young professionals and aging hipsters who want all the borough has to offer while remaining close to Manhattan,” said JLJ’s Jonathan Lewis. “We’re very happy to be working with 329 LLC, whose principal is an experienced developer with more than 20 years of expertise in this area.”
The new project is next door to the landmark St. Paul’s Evangelical Lutheran Church. When completed, the building, with a gross area of 105,364 square feet, will include 63 apartment units and almost 60,000 square feet of retail.
329 LLC plans to apply for a 421(a) tax exemption, which gives landlords tax credits in return for leasing 30% of the building’s apartments at affordable rents.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).