CW Realty has closed on a $78-million construction loan for the development at 187 Kent Avenue, a 140,000-square-foot, mixed-use apartment and retail property located in the Williamsburg section of Brooklyn. The senior loan was originated by Prophet Capital Asset Management and Bank of Internet USA.
Rising seven stories on Kent Avenue, 187 Kent will include prime ground-floor and basement retail space, 96 luxury apartments and 170 parking spaces. The well-appointed property will offer a wide range of tenant amenities, including an on-site workout/fitness facility and terraces on the second, sixth and seventh floors. The retail space will feature 17-foot ceilings and grand arch windows, bringing the vibe of the Williamsburg Apple Store building three blocks west to Kent Avenue.
The property is located near the Williamsburg waterfront, an attractive residential area with a wide range of retail and dining options. It is ideally situated across the street from a SoulCycle studio and the development site for Trader Joe’s, which will make the amenity-filled apartments among the most sought-after units in the neighborhood.
With frontage on Metropolitan Avenue, Kent Avenue and North 3rd Street, 187 Kent’s 35,000 square feet of retail space will be highly appealing to national brands seeking to capitalize on the area’s revitalization and the foot traffic heading north along Kent Avenue toward Bushwick Inlet Park and East River State Park. The development is also located down the block from the Domino Sugary Factory redevelopment, which will bring more than 6,000 apartments to the neighborhood.
CW Realty has a significant Williamsburg portfolio, including 292 Bedford Avenue, located on the corner of Grand Street, and 119-123 Kent Avenue, which the firm is currently redeveloping into luxury residences and ground-floor commercial space. In 2017, CW acquired 61 North 11th Street – a 60,000-square-foot commercial property adjacent to the Wythe Hotel – with plans to convert the building into retail and office spaces.
With its central location and vibrant culture, Williamsburg has emerged as the one of the city’s hottest neighborhoods in recent years. The area has a significant residential pipeline struggling to keep up with demand for new apartments and condos.
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