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

TRD New York /
Aug.August 16, 2017 02:10 PM

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.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

166 Berry Street in Brooklyn and Wharton Properties’ Jeff Sutton (Credit: Google Maps)

Jeff Sutton pays record price in Williamsburg: brokers

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

WeWork co-CEOs Artie Minson and Sebastian Gunningham

WeWork under pressure as losses soar to $1.25B

A rendering of  280 Meeker Avenue CW Realty Management CEO Cheskie Weisz (CW Realty Management)

CW Realty to bring mixed-use project to troubled Williamsburg site

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

arrow_forward_ios