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

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

46 Cook Street in Brooklyn (Credit: Google Maps)

Williamsburg biz takes 53% more space to meet demand

Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)

Hager family lands $84M loan for Williamsburg project

34 Union Avenue in Brooklyn (Credit: Google Maps)

Rabsky Group planning another Williamsburg mixed-use project

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Largo buys another Williamsburg rental building for $32M

106 Prospect Place and 488 13th Street in Brooklyn (Credit: Google Maps)

Park Slope townhouse was Brooklyn’s priciest contract last week

Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi