**BH3 and Capstone Acquire Downtown Brooklyn Tower for Mixed-Use Redevelopment**
A joint venture between BH3 Management and Capstone Equities has acquired 141 Willoughby Street in Downtown Brooklyn through a foreclosure. The ventures plan to reposition the newly constructed 24-story tower into a mixed-use property featuring both residential and commercial components.
Delivered in 2023 and currently vacant, the building will ultimately house more than 200 residential units and 110,000 square feet of commercial space. Office and retail leasing efforts are already underway, with residential conversions scheduled to begin in 2026. The development will include both market-rate apartments and affordable housing units.
“141 Willoughby St. presents a truly unique blank slate upon which to reimagine a newly developed institutional-grade asset,” said Adam Falk of BH3 Management. “By introducing high-quality residences, including much-needed affordable housing, together with fully customizable commercial space, we have a special opportunity to deliver a balanced, mixed-use property that will meet steadily rising demand in Downtown Brooklyn. This area is an increasingly attractive option for both residents and commercial users seeking a walkable and dynamic district that is also minutes from Manhattan by train.”
The redevelopment of 141 Willoughby Street is poised to contribute significantly to Downtown Brooklyn’s ongoing transformation into a vibrant, live-work-play neighborhood.
