Partnership Achieves Landmark Purchase of Iconic NYC Property
A Unique Real Estate Acquisition in Brooklyn
Recently, a remarkable collaboration of Fetner Properties, MCB Real Estate, and Farallon Capital Management culminated in a significant achievement — the acquisition of a prominent residential building located at 240 Willoughby Street in Fort Greene.
Exceptional Features of the New Development
This iconic building boasts breathtaking views over Fort Greene Park and provides an extensive 30,000 square feet of amenities that cater to a modern lifestyle.
Commitment to Affordable Housing
Within the heart of Fort Greene, the property features 463 residential units, with a commitment that 147 of these are allocated for affordable housing, showcasing a strategic aim to blend luxury living with social responsibility.
Financial Overview and Strategic Funding
Purchased for $209.5 million, the transaction included a substantial senior loan through M&T Realty Capital Corporation, solidifying financial backing and ensuring a robust foundation for this project.
Rapid Leasing Success
Since the opening of leasing operations over Memorial Day weekend, the project has seen an impressive rate of uptake, with 25% of the residences already rented. Hal Fetner, President and CEO of Fetner Properties, notes, "This rapid lease-up reflects the community’s positive reception toward 240 Willoughby. Our vision remains focused on providing quality housing in NYC."
Robust Partner Profiles
MCB Real Estate, known for its robust investment track record in urban real estate, was enthusiastic to seize this unique opportunity. David Bramble, Managing Partner at MCB, emphasized the project's standout qualities compared to competing properties within Brooklyn's high-growth markets.
Unmatched Amenities for Modern Residents
The amenities offered at 240 Willoughby Street are impressive, featuring spaces designed for fitness, relaxation, and social gatherings. Residents will have access to a business lounge, yoga studio, fitness center, and even a pet spa, fostering a sense of community and well-being.
Design and Living Experience
Apartments range from cozy studios to spacious two-bedroom units, equipped with top-tier finishes, in-unit washer/dryers, and stunning floor-to-ceiling windows. The design features a striking glass façade complemented by an elegant gold frame, ensuring an aesthetic charm that resonates with the vibrant New York City skyline.
About the Companies Involved
Fetner Properties, established in 1955, continues to reshape the residential landscape of New York City, ensuring that each project reflects the essence of community living. Meanwhile, MCB Real Estate, founded in 2007, brings extensive experience in investment management across diverse property types, highlighting its commitment to urban revitalization. Farallon Capital Management, a global leader in institutional investment management, adds a layer of financial strength and industry perspective to this partnership.
Looking Ahead
This landmark acquisition not only marks a significant milestone for the collaborating firms but also enhances the Fort Greene community's residential options. The vision to provide quality affordable and market-rate housing will drive ongoing developments in the city and affirm each partner's long-term commitment to real estate excellence.
Frequently Asked Questions
What is the significance of the acquisition of 240 Willoughby Street?
The acquisition is a major milestone for Fetner Properties, MCB Real Estate, and Farallon Capital Management, enhancing residential options in Brooklyn while emphasizing affordable housing.
How many units are dedicated to affordable housing?
Out of the 463 units in the building, 147 are specifically allocated for affordable housing, showcasing a commitment to provide diverse living options.
What amenities are available in the new residential building?
Residents can enjoy over 30,000 square feet of amenities, including a fitness center, yoga studio, pet spa, and large communal spaces designed for relaxation and socializing.
Who financed the acquisition?
The project received a senior loan from M&T Realty Capital Corporation, supporting the overall financial structure of the acquisition.
What types of apartments are available in 240 Willoughby Street?
The building offers a range of apartment types, including studios and two-bedroom units, all featuring modern furnishings and views of the city.
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