Gluck to sell W’burg rental one year after changing its fate

February 08, 2012 04:00PM

Laurence Gluck’s Stellar Management has put 111 Kent Avenue, a 62-unit luxury rental property in Williamsburg, on the market, just one year after it purchased the stalled project from Garrison Investment Group for $24.6 million, Crain’s reported.

Stellar, which partnered with Largo Investments in last year’s acquisition, said it had always intended to sell the building at some point; It has retained Studley to market the property.

“It was always part of our business plan to buy the asset, finish it and to market it,” said Matthew Lembo, vice president at Stellar. “It was a building built to be condo, and we believe we created a great rental product in Williamsburg because of its proximity to the subway line and amenities.”

Aptsandlofts.com, which was exclusively marketing the property’s rental units, said only two units remain vacant since it took over the project in October.

“There is strong demand for multi-family residential buildings in the city,” said David Maundrell, president of the brokerage. “They will get a lot of bids. It is an amazing property with amenities and great location, whoever buys it will see a great return for many years.” [Crain’s]