Largo buys another Williamsburg rental building for $32M

Investment and development firm has added 185 South Fourth Street to growing list of neighborhood properties it owns

TRD NEW YORK /
Feb.February 11, 2020 11:30 AM
185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Investment and development firm Largo has added another building to its Williamsburg portfolio, purchasing The Continental for $31.75 million.

Landlord Juda Rosenfeld sold the rental property at 185 South Fourth Street, and Raymond James Bank provided $24 million in financing for the deal, according to property records. Largo bought the building from South 4th Street Condos LLC, which is linked to landlord Juda Rosenfeld.

The 12-story building was constructed in 2008 and has 42 units, with past rentals going for between $2,500 and $7,500, according to StreetEasy.

Largo is a frequent collaborator with Michael Stern’s JDS Development Group, and the firm has multiple other projects in Williamsburg, including at 71 North Seventh Street, 111 Kent Avenue and 50 North First Street. It also filed plans in 2018 for a 64,700-square-foot residential and office building at 215 North 10th Street with 30 apartments and offices on the bottom three floors.

The late architect Karl Fischer designed The Continental, which was facing possible foreclosure back in 2011. The project was developed by Brooklyn’s Isaac Hager and originally planned as a condo development, but it hit the market in 2009 with rental units.

Other recent Williamsburg deals include TF Cornerstone’s roughly $140 million purchase of a multifamily building at 250 North 10th Street and Wharton Properties’ Jeff Sutton’s $20 million purchase of a one-story building at 166 Berry Street.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)

Hager family lands $84M loan for Williamsburg project

34 Union Avenue in Brooklyn (Credit: Google Maps)

Rabsky Group planning another Williamsburg mixed-use project

106 Prospect Place and 488 13th Street in Brooklyn (Credit: Google Maps)

Park Slope townhouse was Brooklyn’s priciest contract last week

Hiram Monserrate (Credit: Getty Images, iStock)

Ex-con’s campaign funded by real estate principal sued for fraud

arrow_forward_ios
Loading...