The Real Deal New York

Four-building portfolio in Williamsburg listed for $22M

Five-story residential properties renting at 25% below market rate
May 13, 2014 02:25PM

A family of institutional investors is asking $22 million for a portfolio of four properties in Williamsburg.

The Lefkowitz family developed a string of five-story residential buildings at 12, 14, 16 and 18 Meserole Street about nine years ago. The sites are renting at 25 percent below market rate, Crain’s reported. Eastern Consolidated is marketing the buildings. Just last week, Sterling Equities bought a 61,000-square-foot Williamsburg multi-family rental building at 76-80 Meserole Street from Cornell Realty Management for $36 million, as The Real Deal reported.

“There is a lot of strength … down there,” Eastern Consolidated broker Gabriel Saffioti told Crain’s. “We are seeing interest from institutional investors in addition to local investors.” [Crain’s]Mark Maurer