Buying a chunk of Brooklyn real estate, a joint venture of ASB Real Estate Investments and L3 Capital LLC has acquired a 17-property portfolio in Williamsburg from the estate of Ulla Lee for more than $85.75 million. The properties, which include about a dozen buildings and several parcels of land, span a two-block area between N. 6th and N. 7th streets, from Berry Street to Kent Avenue.
“Williamsburg has rapidly evolved into one of New York’s most attractive neighborhoods” for artists and professionals as well as a “burgeoning tourist destination,” said Brodie Ruland, ASB’s senior vice president for the New York area, in a statement. “We see the acquisition as a way to help shape the retail landscape in the neighborhood.”
Roy Martin, a partner at Hodgson Russ in Manhattan, and associate Michael Reyen in Buffalo, represented the estate.
Joseph Sarcinella, a partner at Thompson & Knight in Manhattan; David Jones, a senior counsel in Houston; and associate Dan Hopper in Dallas represented the joint venture.