Tessler, and Cornell Realty, borrow $84M from G4 Capital Partners for new construction in Williamsburg

Tessler Developments and Issac Hager’s Cornell Realty Management through the entity 206 Kent Investor LLC as borrower signed a loan agreement with lender G4 Capital Partners through the entity G4 18201, LLC valued at $84.3 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 206 Kent Avenue in Williamsburg. The deal closed on February 10, 2020 and was recorded on February 26, 2020.

This is one of the largest loans G4 has provided on a New York City property. The last time the property sold was February 10, 2020, when Tessler Developments bought an 82 percent stake valued at $77,285,000, as reported by PincusCo. The Cornell entity’s stake is 18 percent.
The under-construction project is about 110,000 square feet, with about 45,170 of that zoning square feet for the office and retail space. Most of the balance is parking space. Trader Joe’s will be a tenant in the building.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.There has been one new building permit application totaling 45,170 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link