**BH3-Capstone JV Acquires Newly Built Downtown Brooklyn Tower**
A joint venture between BH3 Management and Capstone Equities has acquired the newly constructed tower at 141 Willoughby Street in Downtown Brooklyn through foreclosure. The 24-story high-rise, completed in 2023 and currently vacant, will be repositioned into a mixed-use asset that combines Class A commercial space with residential apartments.
The project will feature more than 200 residential units alongside approximately 110,000 square feet of commercial space. The repositioning plan is set to begin in 2026 and will include both market-rate and affordable housing options.
Office and retail leasing at the property is already underway. The developers aim to deliver a premium product that reflects the increasing demand for high-quality living and working spaces in Downtown Brooklyn.
“141 Willoughby Street 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 strategic location and multifaceted redevelopment approach aim to reinforce Downtown Brooklyn’s rise as a thriving live-work neighborhood.
