Stellar Management and Largo Investments breathe life into 111 Kent on the Williamsburg waterfront
New York, NY -- March 28, 2011:
A joint venture between Stellar Management and Largo Investments has acquired the unfinished residential development known as 111 Kent Avenue in Williamsburg, Brooklyn. The group has committed approximately $6.5 million towards completing construction of the project, which is slated to be finished by the end of the Summer.
"Today’s news confirms that 111 Kent Avenue is on track to become one of Brooklyn’s finest new residential projects," said Matthew Lembo, vice president of Stellar Management. "Not only is the building in the best location in Williamsburg, it offers all of the amenities of a first class property, while maintaining a boutique atmosphere."
"111 Kent will offer condominium level finishes and an incredible amenity package for a rental residence," added Nick Werner, a principal at Largo Investments.
111 Kent will feature 62 high-end apartment units within a seven-story building. Residents will have access to a 17,000-square-foot onsite parking garage on two levels. Other amenities include a roof-top pool, a state of the art fitness center, private terraces, an attended doorman lobby, private individual storage facilities in the cellar and a rooftop sanctuary.
Situated on North 7th Street and Kent Avenue, 111 Kent sits directly across Kent Avenue from the East River State Park and is 3 blocks from the L train subway stop at Bedford Avenue. Virtually every apartment in the building will boast unobstructed, panoramic views of the Manhattan skyline or cityscape views of Brooklyn and the Williamsburg Bridge.
Williamsburg is one of the fastest growing neighborhoods in New York City and is known for its vibrant arts and nightlife scene. Williamsburg is easily accessible from Manhattan, Queens, Downtown Brooklyn and the entire New York Metropolitan Area.
Stellar Management is a Manhattan-based development firm led by founder Laurence Gluck. Largo Investments, a real estate investment company, is led by Nissim Ben-Nun and Nicholas Werner.
The purchase of 111 Kent comes on the heels of several other notable moves made by Stellar Management in the last eight months. In November, Stellar purchased The Windermere at 666 West End Avenue for $68 million. Stellar will invest approximately $10 million in renovations to the 23–story, 374-unit, pre-war limestone and brick façade apartment building. Stellar also made another purchase in Brooklyn last October, snapping up Tivoli Towers, a 33-story, 320-unit affordable housing property that will remain in the Mitchell-Lama program for at least 30 years. The group also remains extremely active in the retenanting of 2 Rector Street, which had a successful recapitalization over the Summer that bolstered the asset’s debt structure and financial stability.
About Stellar Management
For over 25 years Stellar Management has acquired and improved properties across the country. Founded by Laurence Gluck, Stellar has built its track record on ownership, management, and revitalization of office buildings and rental housing in metropolitan areas on the East and West Coasts of the United States. Stellar Management is an owner-manager of two million square feet of office space and more than 20,000 apartment homes in New York City, Metro Washington D.C., San Francisco and South Florida. Stellar Management employs approximately 800 people, and has offices and management teams based in New York, Metro DC and San Francisco. Stellar’s principals are Laurence Gluck, Paula Katz and Robert A. Rosania.
About Largo Investments
Largo Investments is a private real estate investment firm based in New York City. Largo’s core business is the acquisition, development and operation of underutilized real estate assets in rapidly improving neighborhoods in the New York metropolitan area. Largo’s principals are Nissim Ben-Nun and Nicholas Werner.
Since the 4th Quarter of 2009, Largo has successfully purchased and repositioned 145 Spring Street and 426 East 9th Street in Manhattan and 349 Metropolitan Avenue and 405 South 3rd Street in Williamsburg.
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Media Contact:
Representing Stellar Management
John Marino
The Marino Organization
212-889-0808
john@themarino.org
