Bruklyn Builders Acquires Williamsburg Development Site for $15.6M, S3 Capital Provides Financing

Flatbush-based Bruklyn Builders has acquired a development site in Williamsburg, Brooklyn for $15.6 million, with plans to build a nine-story mixed-use rental project at the address, according to an announcement from commercial real estate brokerage TerraCRG.

David Halberstam of Bruklyn Builders purchased the roughly 9,800-square-foot property at 60 N. First St. in the Brooklyn neighborhood. Shawn Safdie's S3 Capital provided Halberstam with a $13.3 million acquisition loan to finance the purchase, implying a loan-to-value ratio of approximately 85%.

Project Details at 60 N. First St.

Bruklyn Builders plans to develop a nine-story residential building at the site comprising 56 rental units and approximately 38,120 square feet of total building area. The project is also expected to include ground-floor retail space and parking for 12 vehicles, positioning it as a mixed-use development targeting Williamsburg's amenity-oriented rental market.

New building permits for the nine-story, 56-unit structure were filed in January 2025, indicating the site is already moving through the city's approvals process. At a $15.6 million purchase price against roughly 38,120 square feet of planned building area, the deal pencils to approximately $410 per planned square foot. On a land basis, the site traded at roughly $1,590 per land square foot.

Financing and Capital Structure

S3 Capital, led by Shawn Safdie, provided the $13.3 million acquisition loan. S3 Capital has been an active lender on Brooklyn infill multifamily development and has previously provided construction financing for projects in Williamsburg.

TerraCRG, the Brooklyn-focused commercial real estate brokerage, represented the deal. The firm has previously brokered Williamsburg development site transactions, including a $12.7 million sale of a site at 221 Wythe Avenue.

Williamsburg Market Context

The acquisition comes as Williamsburg continues to rank among Brooklyn's most competitive submarkets for multifamily development. Brooklyn-wide rent growth reached 6.7% annually as of mid-2025, with the borough's median rent rising 8.7% year-over-year to $3,804 per month. Vacancy across free-market units has remained low, supporting demand for new, amenitized rental product.

Brooklyn-wide multifamily cap rates expanded from 4.72% in the first quarter of 2024 to approximately 5.35% by the fourth quarter of 2024, with early 2025 averages holding near that level. Williamsburg's Manhattan adjacency, transit access, and concentration of lifestyle amenities have continued to attract both private and institutional capital to the submarket, with competitive bidding supporting land trades at pricing levels consistent with the 60 N. First St. transaction.

About Bruklyn Builders

Bruklyn Builders, led by David Halberstam and based in Flatbush, has assembled an extensive portfolio of Brooklyn development projects. The firm's strategy at 60 N. First St. — a free-market rental building with ground-floor retail and on-site parking — reflects a focus on amenity-rich residential product in high-demand, transit-accessible neighborhoods across the borough.

Sources: TerraCRG; Crain's New York Business