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

By Guelda Voien | November 07, 2013 05:14PM

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.