The Real Deal New York

Related picks up Williamsburg portfolio for $60M

Trio of walk-up properties total 104 rental units

July 18, 2016 12:08PM
By Konrad Putzier

Stephen Ross, 442 Lorimer and Will Silverman

Stephen Ross, 442 Lorimer Street in Williamsburg and Will Silverman

An affiliate of the Related Companies bought three rental properties in South and East Williamsburg from a partnership between Rockpoint Group and Urban American for $60 million.

The walk-up properties at 164 Havemeyer Street, 181 Havemeyer Street and 442 Lorimer Street include 104 units, some of them rent-stabilized, as well as ground-floor retail space. Hodges Ward Elliott’s Will Silverman, Daniel Parker and Paul Gillen marketed the portfolio.

Daniel Parker and Rockpoint's Bill Walton

From left: Rockpoint’s Bill Walton and Hodges Ward Elliott’s Daniel Parker

Related TRData LogoTINY, best known for co-developing the Hudson Yards megaproject on Manhattan’s Far West Side, has been an active investor in rental housing in the outer boroughs in recent years. In December, the company picked up 737 rental units in the Bronx for $112.5 million. And in June, The Real Deal reported that the company is in talks to buy an Astoria affordable housing portfolio for $115 million.

Related Fund Management — which focuses on multifamily properties, distressed real estate and debt — is the buyer in the Williamsburg deal.

The three properties are close to the J/M/Z trains, meaning they will likely be less impacted by the looming L train shutdown than other parts of Williamsburg. HWE’s Parker said the firm analyzed taxi ridership data to show that the neighborhood has been attracting a growing number of people who work in Midtown South and Downtown Manhattan. A spokesperson for Related Fund Management said the properties “will not only provide housing for the City’s workforce but also offer the ability to bring a dynamic mix of retail tenants” to the neighborhood.

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