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Stalled Hotel and Residential Project Site in Williamsburg Sells for $30M
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Commercial Observer
An embattled development site once envisioned as a hotel and residential project in Williamsburg, Brooklyn, has been sold for $30 million, property records made public Wednesday show.
Spokespeople for Madison Realty and Joyland did not immediately respond to requests for comment.
Originally the lead lender on the project, Madison Realty bought the troubled development site in 2022 from previous owner Cornell Realty following a bankruptcy sale.
Madison Realty, which had provided about $28 million in loans on the property, filed to foreclose on the property’s senior debt in July 2020.
Property records show that Madison Realty took full ownership of 159 Broadway in November 2022 for $32 million, after bidding for the property started at $28 million.