The Real Deal New York

Carroll Gardens condo-to-rental building sells for $21M

Little Italy-based investor is third owner of 100 Luquer since 2011 opening

August 25, 2015 02:36PM
By Mark Maurer Twitter_logo_blue copy

100 Luquer Street Brooklyn

100 Luquer Street in Carroll Gardens (inset: Stephen Palmese)

Winnie Law’s Sun Wansam Realty Corp. picked up a Carroll Gardens condo-to-rental conversion for $21.1 million, in a rare multifamily sale of an elevator building in the Brooklyn neighborhood, The Real Deal has learned.

The 11-story property at 100 Luquer Street, between the Gowanus Expressway and Clinton Street, has sold for the second time since it was constructed in 2011.

The ANM Group developed the Karl Fischer-designed building as a condominium, but pulled the sales listings as it neared completion, citing market conditions. The 22,300-square-foot building then opened as a 20-unit rental, and was sold two years later to Crest Realties for $15.4 million.

Late last month, Crest Realties, a Montreal-based investment firm led by Aaron Drazin and Bruno Caruso, handed it off for $21.1 million. The buyer paid $947 per square foot, or $1.06 million per unit.

Little Italy-based Sun Wansam Realty plans to hold the building for the next 10 to 15 years, said Cushman & Wakefield’s Stephen Palmese, who brokered the deal along with Robert Shapiro and Winfield Clifford.

The property has a 421a tax exemption that is due to expire in 2019. All of the rental units are occupied.

The sale of walk-up buildings in Carroll Gardens are much more prevalent than that of ones with elevators. The last time a multifamily elevator building sold in the neighborhood was the $24.5 million sale of a 60-unit rental at 204 Huntington Street in 2012, Palmese said.

In February, Sun Wansam Realty sold a Chelsea commercial building at 211 West 28th Street to Arker Cos., which is planning a conversion to rentals there.