Douglaston Development signs $171.5M refi with KKR for 509-unit rental in Williamsburg

Douglaston Development through the entity North 4th Place, LLC as borrower signed a refi loan with lender KKR through the entity Commonwealth Annuity And Life Insurance Company valued at $171.5 million for the 509-unit residential elevator building (D8) at 1 North 4th Place in Williamsburg, Brooklyn.
The deal closed on August 4, 2025 and was recorded on August 21, 2025. The prior lender was Northwestern Mutual Life Insurance Company which held debt that had an original loan amount of $206 million. The property has 522,608 square feet of built space and 527,587 square feet of additional air rights for a total buildable of 957,102 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $328 and the price per buildable square foot is $179 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 signatory for Douglaston Development was Steven Charno . The signatory for KKR & Co. was Patrick Mattson .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Steven Charno, head officer and Michael Kessler, officer. The business entities are Clinton Management Llc and North 4th Place Llc. Out of the four properties, one with a total of 522,608 square feet of built space generated revenue of $30.1 million per year.

The property

The residential elevator building with 509 residential units in Williamsburg has 522,608 square feet of built space and 527,587 square feet of additional air rights for a total buildable of 957,102 square feet according to a PincusCo analysis of city data. The parcel has frontage of 67 feet and is 749 feet deep with a total lot size of 71,348 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2017 and expires in 2032. The city-designated market value for the property in 2022 is $160 million. The property has 509 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $500 in ECB penalties, four housing violations, $1,225 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 1 North 4th Place, PincusCo has identified the owners of one of the seven commercial properties representing 522,608 square feet of the 522,608 square feet. The identified owner is Douglaston Development.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 522,608 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Douglaston Development owned at least 14 commercial properties with 3,172 residential units in New York City with 2,821,695 square feet and a city-determined market value of $644.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Goldman Sachs, Wells Fargo, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 95 percent of the 2,821,695 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Manhattan next at 39 percent of the space.

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