Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, announced the assumption of a ground lease and the acquisition of 240 Willoughby St., a residential rental building with463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn. Since Memorial Day weekend, 25% of the building is already leased.
The purchase price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation (MTRCC). The project was purchased at construction completion, and prior to lease up.
JLL represented the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.
“This rapid lease-up shows how much the neighborhood has embraced 240 Willoughby,” said Hal Fetner, president and CEO of Fetner Properties. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market rate housing to the city.”
Over the past two years, Fetner has bought or developed over 1500 homes across Brooklyn, Manhattan and Queens.
Apartments range from studios to two bedrooms and feature in-unit washer/dryers, premium finishes, custom integrated Bluetooth sound systems, and floor-to-ceiling windows offering unobstructed sensational city views and an expansive living experience. The striking glass façade is accented by a signature gold-hued framework, running in a grid pattern along the edge of the balconies.
Residents can enjoy over 30,000 square feet of amenities, including a business lounge, yoga studio, fitness center, bike room, screening and karaoke room, pet spa and dog run, video game and sports simulator rooms, as well as numerous family-friendly spaces, such as a large game room outfitted with shuffleboard, a golf simulator, a ping pong table and a billiards table, as well as an interactive children’s playroom adorned with playful murals. A huge, landscaped roof deck and terrace offer ample space for enjoying fresh air and wide-reaching views. Onsite parking is available, as is a private party room with an attached catering kitchen.
“We jumped at the opportunity to acquire this one-of-a-kind, premier asset. It is a true standout among competitive projects, located in one of Brooklyn’s high-growth submarkets and uniquely positioned to meet the evolving needs of today’s renters,” said P. David Bramble, managing partner at MCB Real Estate. “Partnering with Farallon and Fetner brings together a powerhouse team with the insight, experience, and executional strength to unlock long-term value in one of the most competitive real estate markets in the country.”
