Fetner JV Buys Newly Completed Brooklyn Community for $210M
M&T Realty Capital Corp. issued the acquisition loan.
A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has purchased and assumed the ground lease of 240 Willoughby St., a 463-unit community in Brooklyn’s Fort Greene neighborhood.
Rabsky Group sold the asset, Commercial Observer reported. The property changed hands for $209.5 million, while M&T Realty Capital Corp. issued a $141.5 million senior loan to aid the transaction.
JLL worked on behalf of the seller and represented the joint venture in securing the acquisition financing.
Back in March, Rabsky Group secured a $140 million construction loan for the property, which was nearly completed at that time, the same source shows. The developer first acquired the site back in 2019 for $95 million, which was then home to Brooklyn Hospital Center.
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Brooklyn recorded nearly $300 million in multifamily investment sales in the first six months of 2025, with six properties changing hands at an average price of $372,517 per unit, according to Yardi Matrix data. The borough also had 192 projects in its development pipeline, set to add some 56,000 units to the existing inventory.
Earlier in spring, a partnership between Bluestone Investments and Shel Capital purchased a 105-unit community in Brooklyn, N.Y., from Trinity Place Holdings for $68.5 million, in a deal arranged by JLL.
A community in the Fort Greene neighborhood
The property encloses units with studio, one- and two-bedroom layouts, as well as 30,000 square feet of amenities. Out of the total number of apartments, 147 are designated for affordable housing. The top four floors also feature penthouse units. Residents have access to a fitness center with yoga studio, business lounge, pet spa, children’s playroom, roof deck and terrace, a party room with catering kitchen and onsite parking.
The partnership bought the high-rise at construction completion, before the property became available for lease ups. The community is now 25 percent occupied.
The high-rise is adjacent to Fort Greene Park and the Long Island University Brooklyn. The property also has access to Interstate 278 and the Brooklyn Bridge. Lower Manhattan is some 3 miles northwest.
