Glacier Equities pays $30.5M to DLJ Real Estate for 50-unit rental in Williamsburg

Glacier Equities through the entity 151 Kent Owner LLC paid $30.5 million to DLJ Real Estate Capital Partners through the entity 151 Kent Avenue Owner LLC for the 50-unit residential elevator building (D5) at 151 Kent Avenue in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on September 10, 2025 and was recorded on September 19, 2025. The property has 54,000 square feet of built space and 21,377 square feet of additional air rights for a total buildable of 75,450 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $564 and the price per buildable square foot is $404 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 April 11, 2019, for $41.2 million. The signatory for DLJ Real Estate Capital Partners was Steven Carter. The signatory for Glacier Equities was Rachel Brill . The contract date was July 8, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Glacier Equities purchased six properties in five transactions for a total of $35.5 million and has no record it sold any properties over the past 24 months.
The seller DLJ Real Estate Capital Partners had not purchased any other properties and sold nine properties in seven transactions for a total of $282.4 million over the same time period. The 54,000-square-foot property generated revenue of $1.6 million or $29 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 50 residential units in Williamsburg has 54,000 square feet of built space and 21,377 square feet of additional air rights for a total buildable of 75,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 125 feet deep with a total lot size of 25,150 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.5 million. Sterling National Bank on March 20, 2020 bought a loan with an original principal of from signed by Steven Carter, secured by 151 Kent Avenue, when owned by DLJ Real Estate Capital Partners.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $1 million judgment concerning a Loft Board filed on October 31, 2023, by DLJ Real Estate Capital Partners against None. In addition, according to city public data, the property has received two DOB violations, $11,155 in ECB penalties, and $11,385 in OATH penalties in the last year.

Development

On the lot, there was a major alteration construction project, 321321636, for a 12-unit, 57,823 square-foot B building. The project was submitted by Norman Seidenfeld with plans filed March 22, 2016 but it has not been permitted yet.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 300,069 square feet of the 300,069 square feet. The two identified owners are Mack Real Estate Group and DLJ Real Estate Capital Partners.
There are no active new building construction projects on this tax block.

All properties are elevator.

The seller

The PincusCo database currently indicates that Dlj Real Estate Capital Partners owned at least six commercial properties with 93 residential units in New York City with 139,907 square feet and a city-determined market value of $21.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 139,907 square feet of built space are elevator properties, with industrial properties next occupying 32 percent of the space. The bulk, or 82 percent of the built space, is in Brooklyn, with Manhattan next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Glacier Equities owned at least six commercial properties with 25 residential units in New York City with 95,617 square feet and a city-determined market value of $5.5 million. (Market value is typically about 50% of actual value.) The portfolio has $54.5 million in debt, borrowed from 360 Capital Funding and Equitrust Life Insurance Company. Within the portfolio, the bulk, or 91 percent of the 95,617 square feet of built space are walkup properties, with mixed-use properties next occupying 7 percent of the space. They are all located in Brooklyn.

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