Luxury rentals to rise at Williamsburg site sold for $13M

118-113 Hope Street
118-138 Hope Street

A developer of rental apartments in Brooklyn and Long Island City paid $13 million for a Williamsburg development site in an off-market transaction, according to Berel Nagel of Kalmon Dolgin Affiliates, who brokered the deal. The building, at 118-138 Hope Street, has commercial tenants but will be redeveloped as a luxury rental after their leases expire in the next three years years, Nagel said.

Heatherwood Communities, which also has properties in Queens and Long Island, bought the 20,000-square-foot parcel from a limited liability corporation; RHS Hope LLC bought the plot in 1998, according to city records, which did not disclose the sale price. Heatherwood did not respond to a request for comment.

Nagel represented the seller; KDA’s Robert Klein worked on behalf of Heatherwood.

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Tenants at the site include World Trade Copiers, 4th State Metal and Converse Rubber Tracks.

Heatherwood has developed another Williamsburg luxury rental, at 568 Union Street, and a high-end rental called 27 on 27th in Long Island City at 27-03 42nd Road.