Empire State Realty Trust pays $46M to Joyland for retail in Williamsburg

Empire State Realty Trust through the entity ESRT 41-55 North 6th Street, L.L.C. paid $46 million to Joyland Management through the entity Kesef Tziri LLC for the retail condominium unit at 127 Kent Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on March 27, 2026 and was recorded on April 3, 2026.

The property has 15,041 square feet on the ground floor, 5,506 square feet on the lower level, for a total of 20,547 square feet.
The signatory for Joyland Management (also known as Joyland Group) was Joel Wertzberger . The signatory for Empire State Realty Trust was Christina Chiu . The contract date was January 14, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Empire State Realty Trust purchased 15 properties in nine transactions for a total of $612 million and has no record it sold any properties over the past 24 months.
The seller Joyland Management purchased three properties in two transactions for a total of $56.2 million and sold six properties in two transactions for a total of $108.1 million over the same time period.

Transaction Participants

Attorney Laura Franklin participated in the transaction on behalf of the buyer.

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 not received any significant violations in the last year.

Development

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 this tax block, PincusCo has identified the owners of 13 of the 21 commercial properties representing 89,885 square feet of the 112,885 square feet. The largest owner is Bruce Ratner Family, followed by Afshan Shariati and then Ryco Capital.
On the tax block, there were four new building construction projects totaling 39,184 square feet. The largest is a 18-unit, 26,936 square-foot residential (R-2) building submitted by L3 Capital and filed by Domenic Lanni with plans filed November 30, 2021 and permitted May 13, 2022. The second largest is a 4,325 square-foot mercantile (M) building submitted by Domenic Lanni with plans filed November 20, 2020 and it has not been permitted yet.

The majority, or 35 percent of the 112,885 square feet of built space are elevator buildings, with mixed-use buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Joyland Management owned at least four commercial properties with one residential unit in New York City with 256,055 square feet and a city-determined market value of $24.8 million. (Market value is typically about 50% of actual value.) The portfolio has $70.8 million in debt, borrowed from Levon Capital and Dime Community Bank. Within the portfolio, the bulk, or 44 percent of the 256,055 square feet of built space are hotel properties, with industrial properties next occupying 42 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Brooklyn next at 44 percent of the space.

The buyer

The PincusCo database currently indicates that Empire State Realty Trust owned at least 28 commercial properties with 743 residential units in New York City with 8,339,018 square feet and a city-determined market value of $2.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $180 million in debt, borrowed from Morgan Stanley. Within the portfolio, the bulk, or 90 percent of the 8,339,018 square feet of built space are office properties, with elevator properties next occupying 8 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

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