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

TRD 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
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
25 Kent Avenue and Amazon CEO Jeff Bezos (25 Kent; Getty)

Amazon Music is coming to Brooklyn’s office market

Amazon Music is coming to Brooklyn’s office market
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Week’s mid-market sales run gamut from $80 to $500 psf

Week’s mid-market sales run gamut from $80 to $500 psf
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
111 Kent Avenue and Stanley Iezman (Credit: Google Maps)

American Realty Advisors eats $10.7M on Williamsburg sale

American Realty Advisors eats $10.7M on Williamsburg sale
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

Brooklyn luxury home sales remain 80% below last year

Brooklyn luxury home sales remain 80% below last year
46 Cook Street in Brooklyn (Credit: Google Maps)

Williamsburg biz takes 53% more space to meet demand

Williamsburg biz takes 53% more space to meet demand
arrow_forward_ios

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

Loading...