April 17, 2019 Comments Off on Family-Owned Williamsburg Loft Building Trades for $41M Views: 350 New York News, Outer Boroughs New York

Family-Owned Williamsburg Loft Building Trades for $41M

JLL has arranged the sale of 151 Kent Ave. in Williamsburg on behalf of the family of Norman Seidenfeld, Esq., and Zelda Mehl. 151 Kent Avenue Owner LLC acquired the 56,550-square-foot residential loft building for $41 million.

“This was a terrific investment opportunity, as 151 Kent boasted an unparalleled location on one of Williamsburg’s strongest corridors,” said JLL’s Brendan Maddigan, who arranged the sale with colleague Ethan Stanton. The property’s new ownership was not represented by brokers.

“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,” Maddigan added.

As it stands, the three-story 151 Kent has 46 units and is fully-leased. It includes 18,850 square feet of unencumbered basement space. The property sits along the proposed path of the Brooklyn Queens Connector.

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