JLL Capital Markets arranged the $68.5-million sale and $44.525-million financing for 237 11th St., a 12-story Class A mixed-use multifamily and retail property in the Gowanus neighborhood of Brooklyn. The seller was Trinity Place Holdings and the buyer was a partnership between Bluestone Investments and Shel Capital.
The JLL Capital Markets team that arranged the sale was led by senior managing directors Jeffrey Julien and Rob Hinckley and managing director Steven Rutman. The Debt Advisory team representing the borrower included managing directors Michael Shmuely and Michael Zaremski, senior director Robert Tonnessen and director John Flynn.
“We are strong believers in the New York rental market,” said Shel Capital’s Ronny Kravel, representing the partnership.
Developed in 2017, 237 11th St. has 105 rental apartment units ranging from studios to two-bedrooms and a single three-bedroom unit. The 6,264-square-foot commercial component is fully occupied by Starbucks, Massage Envy and a dentist.
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