Joyland Group JV planning new multi-housing property at 133 Kent Ave.
News release
03 December 2024
JLL arranges sale and financing for Williamsburg development site
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NEW YORK, Dec. 3, 2024 – JLL Capital Markets announced it has completed the $48.25 million sale of 133 Kent Ave., a fully approved development site located on the northeast corner of Kent Avenue and N 6th Street in Williamsburg, Brooklyn.
JLL represented the seller, L3 Capital, and procured the buyer, a joint venture of Joyland Group and Prospect Development. JLL also arranged the $85 million construction loan from S3 Capital, which closed simultaneously.
133 Kent Ave. is an 72,000-buildable-square-foot development site on a 20,000-square-foot footprint, in the heart of North Williamsburg. Joyland plans to complete the site’s approved plans for a six-story mixed-use building. The plans include 52,000 square feet of residential space across 43 luxury condominium units and roughly 17,500 square feet spread across eight unique retail units. The building is being designed by BKSK and will commence construction immediately.
The JLL Capital Markets Sales and Advisory team that arranged the sales transaction included Senior Managing Director Brendan Maddigan and Managing Directors Ethan Stanton and Michael Mazzara. JLL’s Debt Advisory team was spearheaded by Senior Managing Director Aaron Niedermayer and Managing Director Geoff Goldstein.
“The property sold for $670 / ZFA which is the new high watermark for a ground-up site in Williamsburg. This is arguably the strongest corner in all of Brooklyn, and the developers will capitalize on the trajectory of both the retail rents on N 6th and residential condominium fundamentals in the neighborhood,” said Stanton.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.