The Real Deal New York

McCarren Park portfolio hits market for $25.5M

Owner bought the three-building Brooklyn package for $11M in 2010 and 2012

March 24, 2014 02:25PM
By Katherine Clarke

Shaun Riney (inset) and 68 Richardson Street

Shaun Riney (inset) and 68 Richardson Street

A three-building Brooklyn portfolio near McCarren Park hit the market asking $25.5 million.

The Williamsburg and Greenpoint package, which comprises properties at 68 Richardson Street, 155 Newton Street and 706-708 Lorimer Street, is being marketed by commercial brokerage Marcus & Millichap.

The owner of the buildings, Richlor Apartments LLC, bought them for close to $11 million in 2010 and 2012.

“The McCarren Park portfolio at $582 per square foot offers an attractive entry point into one of the most desirable and emerging locations in the world” said Shaun Riney of Marcus & Millichap’s Brooklyn office.

The portfolio has a total of 39 units spread between the three buildings. The 32,500-square-foot Richardson Street property has 25 units, while the Newton Street building has eight and the Lorimer Street building has six.

4 Responses to “McCarren Park portfolio hits market for $25.5M”

  1. March 24, 2014 at 5:20 pm, brklynmind said:

    Bubble!!!!!!!!!

  2. March 24, 2014 at 6:29 pm, bkboy said:

    $582/ft in mccaren entry point ? lol

  3. March 25, 2014 at 9:43 am, BedStuyDoOrDie said:

    $641M price per unit (asking)? yikes.

  4. March 25, 2014 at 3:13 pm, Nestor Delgado said:

    What justifies the nearly 14.5 million in mark up? Did they find gold under the land? It’s sad that some other vulture will probably grab it and dump it back on the market in two years for even more. But the musical chairs have to stop, eventually.

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