L3 Capital has recently completed the sale of a prime development site, located at 133 Kent Ave. in Williamsburg, Brooklyn. The property was sold for $48.25 million to a joint venture between Joyland Group and Prospect Development, who secured an $85-million construction loan from S3 Capital.
The six-story mixed-use building on the northeast corner of Kent Avenue and N 6th Street will feature 43 luxury residential condominiums and has already received full approval for construction. JLL’s team consisting of senior managing director Brendan Maddigan and managing directors Ethan Stanton and Michael Mazzara represented the seller in this transaction while also procuring the buyer.
JLL’s debt advisory team led by senior managing director Aaron Niedermayer and managing director Geoff Goldstein arranged for the construction financing.
According to Stanton, “This sale sets a new record with its price per buildable square foot at $670/ZFA.” He further added that this is one of Brooklyn’s most desirable corners with strong potential for both retail rents on N 6th Street as well as residential condominium sales in Williamsburg.
S3 Capital co-founder Joshua Crane expressed his confidence in investing heavily into this area due to its growing popularity among residents as well as investors thanks to its vibrant culture, waterfront access, and diverse retail options.
