JLL Capital Markets announced it has completed the $48.25 million sale of 133 Kent Ave., a fully approved development site located on the northeast corner of Kent Avenue and N 6th Street in Williamsburg, Brooklyn.
JLL represented the seller, L3 Capital, and procured the buyer, a joint venture of Joyland Group and Prospect Development. JLL also arranged the $85 million construction loan from S3 Capital, which closed simultaneously.
133 Kent Ave. is an 72,000-buildable-square-foot development site on a 20,000-square-foot footprint, in the heart of North Williamsburg. Joyland plans to complete the site’s approved plans for a six-story mixed-use building. The plans include 52,000 square feet of residential space across 43 luxury condominium units and roughly 17,500 square feet spread across eight unique retail units. The building is being designed by BKSK and will commence construction immediately.
The JLL Capital Markets Sales and Advisory team that arranged the sales transaction included Senior Managing Director Brendan Maddigan and Managing Directors Ethan Stanton and Michael Mazzara. JLL’s Debt Advisory team was spearheaded by Senior Managing Director Aaron Niedermayer and Managing Director Geoff Goldstein.
“The property sold for $670 / ZFA which is the new high watermark for a ground-up site in Williamsburg. 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,” said Stanton.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
