Luxury rentals to rise at Williamsburg site sold for $13M

New York /
Nov.November 07, 2013 05:14 PM

A developer of rental apartments in Brooklyn and Long Island City paid $13 million for a Williamsburg development site in an off-market transaction, according to Berel Nagel of Kalmon Dolgin Affiliates, who brokered the deal. The building, at 118-138 Hope Street, has commercial tenants but will be redeveloped as a luxury rental after their leases expire in the next three years years, Nagel said.

Heatherwood Communities, which also has properties in Queens and Long Island, bought the 20,000-square-foot parcel from a limited liability corporation; RHS Hope LLC bought the plot in 1998, according to city records, which did not disclose the sale price. Heatherwood did not respond to a request for comment.

Nagel represented the seller; KDA’s Robert Klein worked on behalf of Heatherwood.

Tenants at the site include World Trade Copiers, 4th State Metal and Converse Rubber Tracks.

Heatherwood has developed another Williamsburg luxury rental, at 568 Union Street, and a high-end rental called 27 on 27th in Long Island City at 27-03 42nd Road.


Related Articles

arrow_forward_ios
Reza Merchant and 555 Broadway (Google Maps, LinkedIn)
The Collective unloads Williamsburg dev site to avoid foreclosure
The Collective unloads Williamsburg dev site to avoid foreclosure
A rendering of 416 Metropolitan Avenue and BridgeCity Capital LLC CEO Allan Lebovits
Williamsburg luxury rental project in motion with $73M construction loan
Williamsburg luxury rental project in motion with $73M construction loan
Dov Barnett (Founding Partner, Tavros Capital), Sam Charney (Principal, Charney Companies) and the Dime at 275 South 5th Williamsburg (StreetEasy, The DIME)
In for a Dime: Williamsburg apartments asking big price tag
In for a Dime: Williamsburg apartments asking big price tag
’Twas a happy holiday for luxury condo sellers in Brooklyn
’Twas a happy holiday for luxury condo sellers in Brooklyn
’Twas a happy holiday for luxury condo sellers in Brooklyn
HUBB NYC picks up Williamsburg apartments in neighborhood’s biggest deal in 2 years
HUBB NYC picks up Williamsburg apartments in neighborhood’s biggest deal in 2 years
HUBB NYC picks up Williamsburg apartments in neighborhood’s biggest deal in 2 years
Jed Walentas and renderings of the proposed project (River Ring, Getty)
Council strikes deal on Two Trees’ River Ring in Williamsburg
Council strikes deal on Two Trees’ River Ring in Williamsburg
Treetop Development returns to NYC, buys 13 Brooklyn apartments for $76M
Treetop Development buys Brooklyn portfolio for $76M in return to NYC
Treetop Development buys Brooklyn portfolio for $76M in return to NYC
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...