Genesis LLC gives $22M senior loan, mezz, for property leased to bankrupt East W’burg club Avant Gardner

Affiliates of Wiederkehr Real Estate and S&G Realty Holding through the entity Gardner Purchaser LLC (and others) as borrowers obtained a refi loan with lender Genesis LLC through the entity NEG Financing 12 LLC valued at $22 million for three properties including the industrial building (E1) at 110 Varick Avenue, mixed-use building (K4) at 140 Stewart Avenue, and the mixed-use building (K1) at 111 Gardner Avenue in East Williamsburg, Brooklyn. Genesis LLC also provided mezzanine debt, city records show, but the amount was not disclosed. The music venue Avant Gardner, which filed for for bankruptcy last month in Delaware, is the tenant in the buildings.

The Promote first reported that Genesis LLC had lent $27 million to the property-owning entities.
The deal closed on August 21, 2025 and was recorded on September 5, 2025. The prior lender was Granite Point Mortgage Trust which held debt that had an original loan amount of $21.9 million. The three properties have 65,010 square feet of built space and 254,800 square feet of additional air rights for a total buildable of 320,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $338 and the price per buildable square foot is $68 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 Wiederkehr Real Estate and S&G Realty Holding was Gabriele Olave. The signatory for Genesis LLC was Ezra Husney . Avant Gardner filed for bankruptcy August 4, 2025.

Prior sales and revenue

Out of the three properties, two with a total of 65,010 square feet of built space generated revenue of $1.2 million per year.

The property

The industrial buildings in East Williamsburg have 65,010 square feet of built space and 254,800 square feet of additional air rights for a total buildable of 320,000 square feet according to a PincusCo analysis of city data. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.2 million.

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 two DOB violations and $9,670 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the three 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 neighborhood

In East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.5 times the average sales volume among other neighborhoods with $415.1 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block of 110 Varick Avenue, PincusCo has identified the owners of three of the five commercial properties representing 65,723 square feet of the 73,223 square feet. The largest owner is S&G Realty Holding, followed by Montebello Food Corp. and then LIRR.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 73,223 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Wiederkehr Real Estate owned at least three commercial properties in New York City with 65,010 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 65,010 square feet of built space are mixed-use properties, with industrial properties next occupying 44 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that S&G Realty Holding owned at least three commercial properties in New York City with 65,010 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 65,010 square feet of built space are mixed-use properties, with industrial properties next occupying 44 percent of the space. They are all located in Brooklyn.

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