Former lender G4 Capital acquires Williamsburg office from Tessler, Cornell Realty in deal values at $65M

The prior lender on the property, G4 Capital Partners through the entity 200 Kent I LLC acquired from Tessler Developments and Cornell Realty Management through the entity 206 Kent LLC, the office building (O5) at 206 Kent Avenue in Williamsburg, Brooklyn, in a transfer valued at $65 million.

The deal closed on March 30, 2026 and was recorded on April 23, 2026. The property has 81,172 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $800 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 seller bought the property on August 17, 2016, for $1.4 million. The signatory for Tessler Developments and Cornell Realty Management was Yitzchak Tessler and Isaac Hager . The signatory for G4 Capital Partners was Jason Behfarin . The contract date was March 30, 2026.

This transaction is not identified as a deed-in-lieu but it has the hallmarks of one, in that it was a transfer of an asset from borrower to lender at a valuation less than the debt, which had an original principal of $84.25 million from February 20, 2020.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer G4 Capital Partners purchased four properties in three transactions for a total of $80.5 million and sold one property in one transaction for a total of $50.5 million over the past 24 months.
The seller Tessler Developments had not purchased any other properties and transferred 12 properties in two transactions for a total of $48 million over the same time period. The 81,172-square-foot property generated revenue of $3.3 million or $40 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on April 23, 2026 that G4 Capital Partners took the property back for $65 million, and that the broker was Greg Corbin of Northgate Real Estate Group.

The property

The office building in Williamsburg has 81,172 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 194 feet and is 118 feet deep with a total lot size of 22,640 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $16.4 million.

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 $4,035 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 321522394, for a 45,170 square-foot B building. The project was submitted by Cornell Realty Management and filed by Shifra Hager with plans filed February 24, 2017 and permitted June 26, 2018.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space. There were 268 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 81,172 square feet on the block.The identified owner is Cornell Realty Management.
On the tax block, there was one new building construction project filed totaling 45,170 square feet. It is a 45,170 square-foot business (B) building submitted by Cornell Realty Management and filed by Shifra Hager with plans filed February 24, 2017 and permitted July 14, 2017.

All properties are office.

The seller

The PincusCo database currently indicates that Cornell Realty Management owned at least four commercial properties with 68 residential units in New York City with 318,641 square feet and a city-determined market value of $306.4 million. (Market value is typically about 50% of actual value.) The portfolio has $47.9 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 50 percent of the 318,641 square feet of built space are office properties, with D7 properties next occupying 44 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.
The PincusCo database currently indicates that Tessler Developments owned at least four commercial properties with 68 residential units in New York City with 318,641 square feet and a city-determined market value of $306.4 million. (Market value is typically about 50% of actual value.) The portfolio has $99.7 million in debt, borrowed from G4 Capital Partners and Signature Bank. Within the portfolio, the bulk, or 50 percent of the 318,641 square feet of built space are office properties, with D7 properties next occupying 44 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.

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