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.