The Real Deal New York

Wilpon’s Sterling pays $656K per unit for East Williamsburg walk-up

90 Meserole trades for $21M, last sold in 2012 for $13.8M
By Hiten Samtani | June 13, 2014 05:41PM

Sterling Equities just closed on a 32-unit rental apartment building in East Williamsburg for $21 million, or $656,250 per unit, The Real Deal has learned. The transaction appears to be one of the highest per-unit prices ever paid for a walk-up in Brooklyn.

The seller, Adam Verner’s Springhouse Partners, paid just $13.75 million, or $429,688 per unit, for the 39,285-square-foot, hipster-friendly building, located at 90-96 Meserole Street, in June 2012. Westwood Realty Associates’ Steven Vegh, who represented Springhouse in that transaction, also handled this sale, according to a source familiar with the deal. Vegh couldn’t be reached for comment by press time.

The loft-style units at the property have between one and three bedrooms, with rents ranging from $2,495 to $3,465 per month, according to StreetEasy.

Sterling, the co-developer along with Related Companies of the Willets Point project, is led by New York Mets owner Fred Wilpon. It paid $36 million in May for a 61,000-square-foot rental building at 76-80 Meserole Street, as TRD reported.

  • Hype

    Meserole and Leonard is Bushwick, not Williamsburg, not by any map. If they are really getting $2500 to $3500 in that building then we are definitely in a bubble. That block is awful. I can’t believe anyone in their right mind would pay the $750K they’ll need to charge per unit to make their profit to live there. Just my .02

    • Rhyden T.

      Meserole and Leonard are in Williamsburg. What map are you looking at that says Bushwick? Flushing Avenue is the southern border and Bushwick Avenue to the east. This is well within that area. If you are going to be a border snob, do your research.

  • Reggie

    $57 million for a combined 81 units but not a dime for an outfielder who can hit.