L3 Capital acquires Williamsburg property from RedSky valued at $145M

L3 Capital through Bn6 Williamsburg Mezz LLC acquired an interest from RedSky Capital through the entity Rs Jz Bedford – N 6Th Investors, LLC valued at $145 million for 14 parcels, including the tax class one-story store building (K1) and containing 21 residential units at 124 North 6th Street, 134 N 6th Street, 92 North 6th Street, 102 North 6th Street, 108 North 6th Street, and others in Williamsburg. The deal closed on December 31, 2020 and was recorded on January 8, 2021.

The last time the property sold was August 15, 2018 for $32,250,000. The Real Deal reported that RedSky in this transaction handed over ownership to its mezzanine lender on the property, BlackRock, as a deed-in-lieu of foreclosure. BlackRock subsequently made a joint venture with Chicago-based L3 Capital. Brett Siegel, Evan Layne, Dustin Stolly and Jordan Roeschlaub at Newmark structured the deal.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $257,600. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $609,075.
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