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

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
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”
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
New York’s multifamily market had its slowest first half of the year since 2011
366 State Street and 37 Sidney Place in Brooklyn (Corcoran, Zillow)
Passive house asking $15M tops Brooklyn contracts
Passive house asking $15M tops Brooklyn contracts
Gov. Kathy Hochul (Getty, iStock)
With 421a dying, apartment project financing “has come to a stop”
With 421a dying, apartment project financing “has come to a stop”
1277 East 14th Street, 45-57 Davis Street and 575 Grand Street (StreetEasy, Google Maps, iStock)
Mighty Midwood bookends top outer-borough loans
Mighty Midwood bookends top outer-borough loans
From left: Michael Stern, founder and CEO, JDS Development Group; Parham Javaheri, chief property development officer, Life Time; and 9 DeKalb Avenue (JDS Development Group, Life Time, SHoP Architects, iStock)
Life Time takes 100K sf in JDS’ Brooklyn Tower
Life Time takes 100K sf in JDS’ Brooklyn Tower
Brookfield's Brian Kingston (Brookfield, Brookfield Asset Management, Public domain, via Wikimedia Commons, Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales
Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...