Slate Property Group (“Slate”), a leading owner, operator and developer of residential and commercial real estate in the New York metropolitan area, announced that it has closed on a $64 million refinancing for The Welz, a 162-unit multifamily property located at 159 Boreum Street in East Williamsburg, Brooklyn.
Developed by Slate Property Group and its partner Avenue Realty Capital (“Avenue”), and designed by Aufgang Architects, The Welz is a 19-story, 116,000-square-foot property. The development was completed in February 2025 and is currently 96% leased.
Starwood Capital is providing the refinancing package. Daniel Fromm of Newmark represented Slate and ARC in the transaction, securing the 3-year, floating-rate loan. The proceeds will be used to retire the existing construction loan, cover closing costs and complete the asset’s initial residential lease-up.
“The Welz is a marquee, institutional quality asset in one of New York City’s most dynamic and ascendant neighborhoods. With residences boasting floor-to-ceiling windows that showcase panoramic views, premier finishes and in-demand amenities, the property’s expedited lease-up stands as a testament of the market’s stamp of approval,” said Martin Nussbaum, Founding Principal, Slate Property Group. “We are grateful to the Starwood Capital team for their endorsement in the rare opportunity that The Welz provides.”
“The Welz represents the type of well-located, thoughtfully designed multifamily asset that continues to outperform in New York City’s rental market. Demand for high-quality housing in Williamsburg and its surrounding neighborhoods remains strong, and the rapid lease-up of this property underscores that dynamic.” Said Udi Kore, Managing Principal of Avenue. “With Starwood now part of the team, we are confident this strong partnership will ensure the continued success of the asset.”
Residential units at The Welz include spacious studio, one- and two-bedroom apartments, outfitted with floor-to-ceiling windows that provide panoramic river, bridge and city views. All residences feature high-end interiors including quartz countertops, stainless steel appliances, built-in washers and dryers, dishwashers and microwaves.
Building amenities include a doorman and concierge services, fitness center, roof deck, parking garage and bike storage.
The Welz is one of the last projects to secure the 421a Tax Abatement. Approximately 49 apartments are set aside as affordable.
Residences are two blocks from the L train at Montrose Avenue and just minutes from the J and M trains at Lorimer Street, all of which offer convenient access to Manhattan. The Williamsburg Bridge connects the neighborhood to the Lower East Side of Manhattan for vehicular commuters, pedestrians and bicyclists and the South Williamsburg ferry station at Schaefer Landing provides ferry service to Wall Street or East 34th Street.
