NOTICE OF DISPOSITION OF COLLATERAL
Re: $45,000,000.00 condominium inventory loan (the “Loan”) made pursuant to that certain Loan
Agreement dated as of April 4, 2022 (together with all extensions, renewals, modifications,
substitutions, amendments and restatements thereof, the “Loan Agreement”) by and among KM 429
KENT AVENUE US FINANCING LLC, certain lender(s) party to the Loan Agreement and 421 KENT
Time and Place of Public Sale:
Bid Deadline: Friday, July 21st, 2023, at 4:00 p.m.
Auction Date: Tuesday, July 25th, 2023, at 2:00 p.m.
Location: Herrick, Feinstein LLP, Two Park Avenue, New York, New York 10016.
429 KENT AVENUE, BROOKLYN, NY
The Oosten is an 8-story structure occupying an entire 94,735 SF block bounded by Kent Avenue, South
9th Street, Wythe Avenue and South 8th Street in the Williamsburg section of Brooklyn. The site was
formerly Lot 35, shown on the digital tax map of the New York City Department of Finance (DOF) as
having 274.41 feet of frontage along Kent Avenue, 373.81 feet on South 8th Street, 270 fronting on
Wythe Avenue, and 325.83 feet fronting on South 9th Street.
Designed by architect Piet Boon, the building has a glass façade with gun-metal-framed floor-to-ceiling
windows while the residences feature 10-foot ceilings, wide plank white oak floors and in-unit
washer/dryers. There are Viking and Smeg appliances with custom millwork and natural stone.
Amenities consist of two lobbies; full-time doorman/concierge; library; indoor swimming pool; children’s
playroom with a bouncy-house; landscaped central courtyard; lounge; fitness center/yoga room with a
spa and juice bar; and a landscaped rooftop featuring city, river, and bridge views, a reflecting pool,
lounge seating and a professional chef’s grill.
The subject consists of the remaining sponsor-held inventory within the 216-unit luxury condo building
known as the Oosten. The appraised premises includes 21 residential condo units with an aggregate net
saleable area of 54,839 SF as well as 68 parking spaces. The subject’s unit mix consists of two (2) one-
bedrooms, four (4) two-bedrooms, twelve (12) three-bedrooms, two (2) four-bedroom townhouses, and
one (1) six-bedroom penthouse. The three-bedrooms are all unique in that four are duplexes, two are
townhouses while the other six are loft-style units. The four townhouse units all have unique floorplans
as well, and they each contain a private garage in the cellar in addition to a private garden with an
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