September 6, 2019
JLJ Capital is providing a $57-million loan to 329 LLC for completion of a mixed-use 16-story tower at 329 Broadway in Brooklyn’s Williamsburg neighborhood.
“Williamsburg remains one of the most popular neighborhoods in Brooklyn, and continues to draw young professionals and aging hipsters who want all the borough has to offer while remaining close to Manhattan,” said JLJ’s Jonathan Lewis. “We’re very happy to be working with 329 LLC, whose principal is an experienced developer with more than 20 years of expertise in this area.”
The new project is next door to the landmark St. Paul’s Evangelical Lutheran Church. When completed, the building, with a gross area of 105,364 square feet, will include 63 apartment units and almost 60,000 square feet of retail.
329 LLC plans to apply for a 421(a) tax exemption, which gives landlords tax credits in return for leasing 30% of the building’s apartments at affordable rents.
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