Wolfe Landau borrows $42M from Signature Bank for multifamily property in Williamsburg

Wolfe Landau through the entity Three Two One LLC as borrower signed a loan agreement with lender Signature Bank valued at $42.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 130 residential units at 288 Berry Street in Williamsburg. The deal closed on August 10, 2020 and was recorded on August 19, 2020.
The property contains a total of 169,319 square feet of built space.
The average loan per unit is $323,077.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 130 residential (or hotel) units on November 1, 2018.
Over the past five years, there have been 5 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 $12,300,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $372,000.There has been one new building permit application totaling 135,362 square feet. Those plans include a total of 130 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link