Steiner Studios paid $24.5 million in cash to land a 60-unit Carroll Gardens rental building, Crain’s reported. The building, at 204 Huntington Street, was sold by an investment team led by Area Property Partners, which acquired it along with an adjacent building at 505 Court Street, that has since been converted into a 124-unit condominium, for $50.5 million.
Massey Knakal Realty Services marketed the property on behalf of Area, and asked $32.5 million for the building when it first came online in 2007. The building has eight one-bedroom apartments, 37 two-bedroom units and 15 three-bedroom homes. Four active rental listings in the building range from $2,295 to $4,100, according to Streeteasy.com.
Prior to this acquisition, Steiner most recently purchased a four-building Downtown Brooklyn portfolio for $30 million last December, and has plans for a 720-unit rental building at the site. [Crain's]