JLL completes sale of 157-159 Lexington Avenue in New York
JLL, on behalf of Tsoumpas 157 Group LLC, completed the sale of 157-159 Lexington Avenue in New York for $11.5 million.
NEW YORK, April 17, 2019 — JLL Capital Markets experts have successfully sold 151 Kent Avenue in the Williamsburg neighborhood of Brooklyn, N.Y. for 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.
The JLL professionals completing the sale assignment for the family of Norman Seidenfeld, Esq., and Zelda Meh include Brendan Maddigan, Vice Chairman, and Ethan Stanton, Managing Director, both with JLL. The buyer was not represented.
“This was a terrific investment opportunity as 151 Kent Avenue boasted an unparalleled location on one of Williamsburg’s strongest corridors,” said Maddigan. “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.”
The three-story 151 Kent Avenue is located between North Fourth and North Fifth streets in the Williamsburg neighborhood of Brooklyn. The 56,550-square-foot residential loft building has 46 units, is fully leased, and includes 18,850 square feet of unencumbered basement space.
“Our parents, Mor and Eva Weiss, were Holocaust survivors, and they came to the United States to leave behind the destruction that took away their family and their youth,” said 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 Avenue. This building has been blessed with a legacy of unique goodness, generosity and success to many.”
The residential loft building is just one block from several waterfront parks and resides among iconic neighborhood buildings such as the Austin Nichols House, the One North Fourth and Level residences, as well as the rising 25 Kent office building and the Domino Refinery mega-development. In addition, 151 Kent Avenue is in close proximity to the East River Ferry terminal and the L train, providing a direct connection to Manhattan, and is situated along the proposed path of the highly anticipated Brooklyn Queens Connector.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed nearly $180 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com