Avery Hall Investments signs $120.4M refi loan with JLL for residential elevator in Gowanus

Avery Hall Investments through the entity 204 4th Avenue LLC as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital, LLC valued at $120.4 million for the 193-unit residential elevator building (D7) at 204 4th Avenue in Gowanus, Brooklyn.
The deal closed on February 26, 2026 and was recorded on March 9, 2026. The prior lender was Affinius Capital which held debt that had an original loan amount of $79.8 million.The property has 194,402 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $619 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 14, 2019, for $29.8 million. The signatory for Avery Hall Investments was Avishy Fisher . The signatory for JLL was Alyssa D. Berquam .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Brian Ezra, head officer and Helene Rose, agent. The business entities are Avery Residential Llc and 204 4th Avenue Llc. The 194,402-square-foot property generated revenue of $7.6 million or $39 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 193 residential units in Gowanus has 194,402 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 190 feet and is 100 feet deep with a total lot size of 19,000 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million. JLL on February 26, 2026 bought a loan with an original principal of $79.8M from Affinius Capital signed by Beth Newman , secured by 204 4th Avenue, when owned by Avery Hall Investments .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $6,250 in ECB penalties and $6,250 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, B00637594, for a 193-unit, 161,490 square-foot residential (R-2) building. The project was submitted by Avery Hall and filed by Alexander Cutrona with plans filed December 8, 2021 and permitted August 9, 2023.

The block

On this tax block, PincusCo has identified the owners of four of the 16 commercial properties representing 62,479 square feet of the 122,107 square feet. The largest owner is Three Wall Capital, followed by Avdoo & Partners Development and then Avery Hall Investments.
On the tax block, there were four new building construction projects totaling 370,872 square feet. The largest is a 193-unit, 161,490 square-foot residential (R-2) building submitted by Avery Hall and filed by Alexander Cutrona with plans filed December 8, 2021 and permitted August 9, 2023. The second largest is a 86-unit, 127,007 square-foot residential (R-2) building submitted by Avdoo and filed by Shlomi Avdoo with plans filed September 18, 2025 and it has not been permitted yet.

The majority, or 51 percent of the 122,107 square feet of built space are hotel buildings, with industrial buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Avery Hall Investments owned at least 13 commercial properties with 459 residential units in New York City with 324,425 square feet and a city-determined market value of $66.9 million. (Market value is typically about 50% of actual value.) The portfolio has $478.5 million in debt, with top three lenders as QuadReal Property Group, KKR & Co., and Square Mile Capital Management respectively. Within the portfolio, the bulk, or 73 percent of the 324,425 square feet of built space are elevator properties, with hotel properties next occupying 19 percent of the space. They are all located in Brooklyn.

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