NEW YORK, Jan. 09, 2025 –JLL Capital Markets announced today it has completed the $209.5 million sale and $141.5 million financing of 240 Willoughby St., a recently completed 463-unit residential property in Fort Greene, Brooklyn.

JLL represented the seller and procured the buyer, Fetner Properties. M&T Bank provided the loan.

240 Willoughby features condo-quality amenities and in-unit finishes throughout its 463 residential units spanning two towers, including 82 studios, 228 one-bedrooms and 153 two-bedrooms, with most units featuring outdoor balconies/terraces.

The property is located directly next to Fort Greene Park and offers unobstructed, 360-degree views of the park, Downtown Brooklyn and Manhattan. Multiple lounges, rooftop terraces, a gym, golf simulator, party room, screening room and kids’ room are among the 30,000 square feet of amenities.

The property, which is subject to a long-term ground lease position held by Ground Lease REIT, benefits from a 35-year Affordable New York abatement through June 2059 with 100% exemption for the full 35 years.

The JLL team that arranged the sale included Senior Managing Directors Jeffrey Julien, Rob Hinckley and Jim Curtin and Managing Director Steven Rutman. Financing was negotiated by JLL Senior Managing Directors Christopher Peck and Peter Rotchford, Senior Director Nicco Lupo and Director Christopher Pratt.

“240 Willoughby is an extraordinary trophy asset directly abutting Fort Greene Park – a benefit that is extremely rare in New York City,” said Julien. “The property offers sophisticated residential units with high-end finishes, spectacular views and ample outdoor spaces and balconies.”

Hal Fetner, President and CEO of Fetner Properties, commented, “We’re very bullish on New York City and this acquisition is another step in our continued commitment to provide quality affordable and market rate housing to the city.”

Located in one of New York City’s most rapidly developing neighbourhoods, 240 Willoughby sits at the crossroads of Brooklyn’s most coveted submarkets, including Fort Greene and Downtown Brooklyn. The property is located within a mile of 10 parks and green spaces and 11 higher education institutions, including Brooklyn Law School and NYU’s Tandon School of Engineering. It also offers favorable commuting times to Manhattan and easy access to public transportation.

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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