Class A rental building in prime Brooklyn neighborhood trades for $68.5M

NEW YORK, Mar. 20, 2025 – JLL Capital Markets announced today it has arranged the $68.5 million sale and $44.525 million financing for 237 11th St., a 12-story Class A mixed-use multi-housing and retail property in the Gowanus neighborhood of Brooklyn, New York.

JLL represented the seller, Trinity Place Holdings, and the buyer, a partnership between Bluestone Investments, an international investment group, led by Jonathan Douek and Yonatan Binman and Shel Capital, a New York-based investment firm led by Rony Kravel and Jonathan Bakhash.

“We are strong believers in the New York rental market,” said Kravel, representing the partnership. 

Developed in 2017, 237 11th St. has 105 rental apartment units ranging from studios to two-bedrooms and a single three-bedroom unit. All of the units have modern finishes, such as Caesarstone concrete waterfall countertops, custom vanities, in-unit washer dryers and private terraces in select units. The tenant amenity package includes a library, fitness center, courtyard, a rooftop sundeck with Manhattan views and on-site parking. The 6,264-square-foot commercial component is fully occupied by Starbucks, Massage Envy and a dentist.

The JLL Capital Markets team that arranged the sale was led by Senior Managing Directors Jeffrey Julien and Rob Hinckley and Managing Director Steven Rutman. The Debt Advisory team representing the borrower included Managing Directors Michael Shmuely and Michael Zaremski, Senior Director Robert Tonnessen and Director John Flynn.

“With a prime location at the crossroads of Park Slope and Gowanus, 237 11th St. offered investors a tremendous opportunity to secure a foothold in a very strong rental market at a discount to replacement cost,” said Julien. “Brooklyn’s multifamily market continues to outperform the broader U.S. and remains one of the most favorable markets in the nation.”

Added Shmuely, “This financing represents a solid investment in a market-leading, rent regulated property with significant mark-to-market potential. This runway for return with a strong new sponsor motivated the lender to provide very attractive pricing and structure.”

Located on the border of the Park Slope and Gowanus, 237 11th St. is located one block from the 4th Ave. / 9th Street subway stop and a short walk from amenities including Prospect Park, Whole Foods Market and many of the borough’s best restaurants and boutique shops.

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