G4’s Robyn Sorid and Jason Behfarin with 200 Kent Avenue (G4, Tom Rosinski, Northgate Real Estate Group, Getty)

Dec 04, 2023 , By Keith Larson

Brooklyn investor Isaac Hager could lose his marquee Brooklyn asset.

G4 Capital initiated a Uniform Commercial Code foreclosure on 200 Kent Avenue, a 132,000-square-foot commercial building anchored by Trader Joe’s. 

The lender provided a $84 million loan to Hager’s Cornell Realty Management in 2020 to finish the five-story mixed-use property. G4 claims the debt has grown to $140.5 million, which includes default interest.

Hager and G4 did not immediately return a request to comment.

Greg Corbin, president of Northgate Real Estate, is spearheading the marketing for the U.C.C. foreclosure. Matthew Mannion of Mannion Auctions is the auctioneer. An auction date is set for January 23. 

The building has struggled to lease space and is under 50-percent occupied. It also has 186 parking spaces, a rarity in Williamsburg.

Under Mayor Eric Adams’ the City of Yes rezoning plan, the second floor parking lot could be used as a 22,000-square-foot community space. The third floor could also become a high-end restaurant or nightlife spot, according to Corbin. 

Some of the building’s troubles appear to be traced back to Hager’s dispute with Trader Joe’s.