Glacier Equities Buys Williamsburg Lofts Property for $31M
Derby Copeland provided a $26M acquisition and pre-development loan for purchase of the former factory building.
By Andrew Coen September 12, 2025 1:32 pm
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DLJ Real Estate Capital Partners has sold a loft property in Williamsburg, Brooklyn for $30.5 million, a 26 percent decrease from its purchase of the former factory building six years ago, Commercial Observer has learned.
Glacier Equities acquired the three-story asset at 151 Kent Avenue in a deal that closed Wednesday, with plans to renovate the building’s units into high-end loft apartments, sources familiar with the deal told CO. DLJ bought the building for $41.25 million from the family of Norman Seidenfeld and Zelda Mehl in April 2019, The Real Deal reported at the time.
JLL arranged the sale with a team led by Ethan Stanton, Brendan Maddigan and Michael Mazzara.
The 56,550-square-foot building, which previously was a factory before its conversion to artist lofts in the 1990s, hit the market with a $52 million asking price in 2018, TRD previously reported. Artists who lived in the building at the time took a buyout under the previous owner, making renovations plans easier to execute, according to sources.
The trade closed concurrently with a $26 million loan provided by Derby Copeland Capital for acquisition and pre-development costs along with $30 million of equity from an undisclosed private investor, according to sources. Elevated construction costs and overall dislocation in the commercial real estate market from higher interest rates contributed to the DLG selling the property at a loss, sources said.
Colliers arranged the financing with a team led by Dylan Kane and Zach Redding of the brokerage’s New York capital markets group.
DLJ, Glacier Equities, Derby Copeland did not immediately return requests for comment. Colliers declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
