151 Kent Ave./ Image by Google Maps
NEW YORK CITY—DLJ Real Estate Capital Partners purchased a three-story, 56,550-square-foot residential loft building at 151 Kent Ave. for $41 million. The 45-unit multifamily building is fully leased and has 18,850 square feet of basement space. The sellers were the family of Norman Seidenfeld and Zelda Mehl.
“Our parents, Mor and Eva Weiss, were Holocaust survivors, and they came to the US to leave behind the destruction that took away their family and their youth,” says Mehl. “They arrived by ship with an infant and $35. After years of hard work, they built themselves up enough to be able to purchase 151 Kent Ave. This building has been blessed with a legacy of unique goodness, generosity and success to many.”
The residential building is located in the now trendy Brooklyn neighborhood of Williamsburg, between N. Fourth and N. Fifth streets.
JLL's Brendan Maddigan and Ethan Stanton represented DLJ Real Estate in the transaction. The sellers did not retain brokers.
Maddigan notes it was a terrific investment in one of Williamsburg's strongest corridors.
“The residential loft building also offered a development play, boasting 11,355 buildable square feet of available residential air rights, and as much as 33,990 buildable square feet with inclusionary housing,” he says.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
