UPDATED, 9:53 a.m., March 3: Just eight months after buying a 47-unit Williamsburg rental building for $37 million, Sugar Hill Capital Partners is looking to flip it for a hefty profit.
The 53,000-square-foot apartment building at 385-401 Union Avenue hit the market with an asking price of $53 million, according to sources. Achieving that price would send a signal that the Williamsburg market can shrug off worries over a looming L-Train shutdown and broader weakness in U.S. commercial real estate.
Cushman & Wakefield’s Robert Shapiro is marketing the property.
The building was vacant when Sugar Hill bought it from Madison Realty Capital in June, according to a source. The source added that the building is now fully leased, and Sugar Hill is evidently banking this will make it more attractive to potential buyers.
The property at 385-401 Union Avenue was originally developed by Anshel Friedman and Pincus Freund. City National Bank took over the building through foreclosure and sold it to Madison Realty in 2012 for $21.5 million.
Last month, Sugar Hill bought four rental buildings on the Upper West Side for $65 million from Benjamin Hadar and Leonard Solomon.