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Loan-to-Own Brings Stalled 'Burg Condo Back from the Dead

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Last we snapped some pics of Williamsburg's 170 North 5th Street, a planned 18-unit building that was among the least flashy of new 'Burg condos, we were scratching our heads over the rather drastic difference between the project's rendering and reality. That difference only widened when the project?once set to be called the Williams?stopped construction at about 70 percent done. But all is not lost for our wallflower Williamsburg friend. Brownstoner noticed the sale of the building last week, and now the Journal reports that developer Urban American LLC has taken control of the project through a loan-to-own deal, William Beaver House-style. The new owner plans to finish up construction (a good first step!) before putting the project on the market as sales or rentals. There's no timeline, but this is a project that knows how to hurry up and wait.
· Restart for Stalled Condo Project in Williamsburg [WSJ]
· 170 North 5th Street coverage [Curbed]

170 North 5th Street

170 North 5th Street, Brooklyn, NY 11211