Ground Broken Monday on 234-Unit Rental Building in Williamsburg
Compiled by Linda Collins
Brooklyn Daily Eagle
WILLIAMSBURG — Ground was broken Monday on a new $100 million six-story, 234-unit rental building at 250 N. 10th St., between Roebling Street and Union Avenue in Williamsburg.
Its developer, LCOR, a real estate investment and development company, reports it has secured a $50-million construction loan from Helaba, an international lender with offices in Manhattan, to finance its latest residential development project, which includes 185,000 gross residential square feet in addition to a 117-space parking garage.
Completion is slated for late 2013 with leasing anticipated to begin in the fall of that year, according to David A. Sigman, LCOR executive vice president and principal.
“With LCOR’s past success at 34 Berry and the continued demand for prime rental properties in Williamsburg, we jumped at the opportunity to develop 250 North 10th,” Sigman said. “Our years of experience in the neighborhood and positive feedback from residents at 34 Berry — as we continue to own and manage this property — unquestionably point to the fact that Williamsburg will continue to grow as an in-demand neighborhood.”
Designed by SLCE Architects, the building is described as high-end, offering tenants a complete package of services and amenities unusual for a rental property, according to Sigman.
The 234 apartments will include a mix of studios and one- and two-bedroom layouts “with a high percentage of one- and two-bedroom residences to better meet the demands of Williamsburg’s ever-evolving market,” said Sigman.
Amenities will include hardwood flooring throughout, custom-designed kitchens and bathrooms, washers and dryers in every unit, an attended lobby, a 24-hour lobby lounge coffee service facility, an outdoor landscaped courtyard, a top-floor entertainment lounge and a rooftop terrace.
Square footage and pricing details of the individual apartments are not yet available at this current stage, according to Sigman.
“LCOR placed the financing itself on behalf of its joint venture with a domestic pension fund,” said Sigman.
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