The Real Deal New York

Magnum, SL Green’s Williamsburg Townhomes 75 percent sold

Project at 131 North Third St. features dozen 1,892-square-feet townhouses

February 25, 2014 03:18PM
By Hiten Samtani

36 People Viewed

From left: Andrew Barrocas, an interior shot of a unit at Williamsburg Townhomes and Ben Shaoul

From left: Andrew Barrocas, an interior shot of a unit at Williamsburg Townhomes and Ben Shaoul

Williamsburg Townhomes, a joint venture between Ben Shaoul’s Magnum Real Estate Group and SL Green Realty, has hit the 75 percent sold mark, a spokesperson for the project told The Real Deal exclusively. The townhouse development, located at 131 North Third Street off Bedford Avenue, has a dozen four-story residences with 1,892 square feet of interior space and 957 square feet of private outdoor space.

“We developed the Williamsburg Townhomes to fulfill a need in the market for spacious, single-family homes that include the amenities of a full-service condominium,” Magnum’s president Ben Shaoul said in a statement. “We are pleased that this unique opportunity has been so well received by buyers.”

The project was designed by architecture firm RKT&B and is being marketed by MNS. Prices for the townhomes start at $2.38 million. “The cost factor and amount of indoor and outdoor space was a major selling point for our buyers,” MNS CEO Andrew Barrocas said.

Quadriad Realty Partners began construction on Williamsburg Townhomes in 2007. The project was hit hard by the 2008 real estate crisis, and was sold to Thor Capital Group, which then sold it to Triton Realty Holdings, which completed construction. In March, the Magnum-SL Green joint venture bought the property for about $51.5 million

Magnum and SL Green also own Williamsburg Social, a rental building adjacent to Williamsburg Townhomes, and the two projects share over 7,500 square feet of amenity space. Williamsburg Social, which was marketed by aptsandlofts, was fully leased in December.

7 Responses to “Magnum, SL Green’s Williamsburg Townhomes 75 percent sold”

  1. February 25, 2014 at 4:12 pm, eD said:

    Wait so you mean after 7 years they’ve finally sold 8 of the 12 homes?

    WOW!!

    • February 26, 2014 at 8:56 pm, kai said:

      you need to learn how to read…the article says they bought the property IN MARCH -_-

  2. February 25, 2014 at 9:10 pm, De said:

    Hands down the shoddiest construction I have ever seen. I am surprised and disgusted by what buyers will accept in this market.

  3. February 25, 2014 at 9:57 pm, GN said:

    $2.5 M/unit X 12 units=$30M in proceeds….paid $51.5M….seems like great deal..

    • February 25, 2014 at 10:53 pm, JD said:

      For the $51m he also got the 2 rental buildings connected to the townhomes so he actually made a killing.

  4. February 25, 2014 at 10:51 pm, NOMOREMONEY! said:

    ahahahah wtf??!?!

    “In March, the Magnum-SL Green joint venture bought the property for about $51.5 million”….. for all 12 town homes!!!!!

    Lets say, for whatever reason, they all sell for 4 million each… thats total sales of 48 million. Now subtract the broker frees and other expenses (lets assume 10% total)…. that leaves developer with around 43 million!

    oh yeah… and don’t forget the taxes!!!! ahahah!!!!

    IDIOTS!!!!!

    ROFL!!!!

    • February 26, 2014 at 8:51 pm, abby said:

      Are you dumb…? 12 townhomes were just a portion of their 51.5M investment….maybe about 1/3 of the total investment (~17M). The rest covered their rental property on Bedford + some more. It is a very strong ROI.

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