The Real Deal New York

Developers score $36M loan for a really tall Williamsburg building that definitely won’t house a porno theater

The tower at 321 Wythe Avenue would stand 19 stories and 230 feet tall
By Eddie Small | August 16, 2017 02:10PM

Renderings of 321 Wythe Avenue

UPDATED, 3:14 p.m. August 16: The tallest building coming to Williamsburg (that isn’t on the waterfront) just got $35.5 million in financing.

The 19-story, 230-foot tall project, which comes from Yoel Werzberger and Watermark Capital Group, would be located at 321 Wythe Avenue, and it received its financing from Bank Leumi USA, according to documents filed with the city on Tuesday.

The residential building is located on leased land owned by the Parish of Saints Peter and Paul Roman Catholic Church, and Watermark’s payments to the church begin at $2.1 million per year. A series of stipulations in the lease prevent activities associated with practices such as abortion, pornography and euthanasia from taking place at the building.

It would feature 130 residential units, a 92-car parking garage, a health care facility and a landscaped roof deck for tenants, and it should be finished in 2019.

Chris Polito of Bank Leumi said in a statement that the bank decided to support the project because of its location in a “desirable and gentrified section of Williamsburg” and because of the developers’ good reputation. Watermark and Werzberger did not immediately respond to requests for comment.

Williamsburg, the poster child for gentrification in the city, still has plenty of new projects arriving. SL Development recently purchased a former umbrella factory at 722 Metropolitan Avenue for $23 million, which they plan to convert into 69 condos, and Cheskie Weisz filed plans earlier this year for a 96-unit mixed-use project at 187 Kent Avenue.

This story was updated to include a response from Bank Leumi.