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.