L3 Capital has successfully sold 133 Kent Ave., a fully approved development site situated on the northeast corner of Kent Avenue and N 6th Street in Williamsburg, Brooklyn. The property was purchased for $48.25 million by a joint venture between Joyland Group and Prospect Development, who secured an $85-million construction loan from S3 Capital. Their plans include completing the site’s approved designs for a six-story mixed-use building with 43 luxury residential condominiums.
The seller was represented by JLL’s senior managing director Brendan Maddigan and managing directors Ethan Stanton and Michael Mazzara, who also facilitated the buyer’s acquisition. Additionally, JLL’s debt advisory team led by senior managing director Aaron Niedermayer and managing director Geoff Goldstein arranged the construction financing.
According to Stanton: “This sale sets a new record for ground-up sites in Williamsburg at $670 per buildable square foot (ZFA). This prime location is arguably one of Brooklyn’s strongest corners, making it an ideal investment opportunity.” He also noted that both retail rents on N 6th Street as well as residential condo values in this neighborhood are on an upward trend.
Joshua Crane, co-founder and managing principal of S3 Capital added: “Williamsburg continues to attract residents and investors alike due to its vibrant culture, waterfront access,and diverse retail options. With these positive market conditions in mind,
we are excited to further our investments within this thriving area.”
