At the foot of the Williamsburg Bridge plaza where Havemeyer Street meets South 5th Street, corner commercial and residential buildings sit at the literal gateway to Brooklyn. Dime Commercial Holdings LLC paid $20.5 million ($915 per square foot across the three-parcel portfolio) on August 24, 2026 to acquire 277 South 5th Street and its companion Havemeyer lots from Havemeyer Owner LLC, backed by a $20 million structured mortgage from Levon NY Dime LLC. When the deed closed on August 24, 2026, Dime Commercial Holdings LLC had officially taken down 277 South 5th Street from Havemeyer Owner LLC for $20.5 million, with Brooklyn Investment Sales brokering the trade.

At $915 a square foot—or $854,167 a door across its 18 apartments— across 22,400 square feet, the trade establishes a clean clearing mark for Williamsburg 3-parcel corner retail & multifamily portfolio assets.

High-Octane Structured Credit on the Williamsburg Bridge Plaza

The real tell in any Brooklyn closing sits on the debt side of the ledger. To fund the purchase, Dime Commercial Holdings LLC locked in a $20 million structured senior bridge facility from Levon NY Dime LLC at 97.6 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $0.5 million equity check to control a 4-story, 1910-vintage Williamsburg asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $0.5 million of real cash equity and a basis of $915 a square foot, lenders like Levon NY Dime LLC are wide open for business.

From Our Desk

When we look at 277 South 5th Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. Dime Commercial Holdings LLC didn't try to fight the tape—they bought Williamsburg footage at $915 a square foot and structured the stack to match the asset's timeline. Recording a $20 million private credit facility against a $20.5 million purchase price at the Marcy/Havemeyer transit hub points to a cross-collateralized or heavy value-add execution where the lender is underwriting the stabilized rent roll after repositioning.