Loketch, Joyland, and Meral pay $53.9M to The Collective for dev site in Williamsburg

Loketch Group, Joyland Group, and Meral Property Group through the entity 555 Broadway LLC paid $53.9 million to The Collective through the entity Collective 545 Broadway LLC for development building at 268 Lorimer Street in Williamsburg, Brooklyn.
The Real Deal reports that The Collective was facing foreclosure when they sold the property to the joint venture.

The developers filed plans (B00665500) for a 274-unit, 242,012 square-foot residential (R-2) building on January 25, 2022.
The deal closed on January 25, 2022 and was recorded on February 1, 2022.

The signatory for The Collective was Kevin Michael O’Sullivan. The signatory for Loketch Group, Joyland Group, and Meral Property Group was Pinchos Loketch.

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, the majority, or 100 percent of the 52,648 square feet of built space are office buildings, with development buildings next occupying 0 percent of the space.
Within a 400-foot radius of 268 Lorimer Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Isac Deutsch borrowed $7 million from Arbor Realty Trust secured by the 28,244-square-foot, 39-unit rental (D1) on 246 Lynch Street on January 12, 2021.

Direct link to Acris document. link