East End, KBS put 21-story South W’burg building on market

Partners bought 424 Bedford Ave. for $41M in 2014

New York /
May.May 15, 2017 03:50 PM

East End Capital and KBS Capital Advisors put a 21-story rental building in South Williamsburg up for sale.

The two firms bought the 63,866-square-foot property for $40.95 million in January 2014, property records show.

Hodges Ward Elliott’s TRData LogoTINY Will Silverman, Paul Gillen and Daniel Parker are marketing the tower, where rents range from about $2,700 to $3,700.

The former condo building has 66 units, a mix of one- and two-bedroom apartments. It sits on ½-acre of private land with gardens, vegetable patches and a dog park. Developer Michael Zazza built the tower in 2010 and sold it four years later.

HWE’s Parker told The Real Deal that he expects the looming shutdown of the L train between North Williamsburg and Manhattan to continue driving up rents in South Williamsburg, which is serviced by different train lines.424 Bedford is a 5-minute Walk From The Marcy Avenue stop on the J, M and Z subway lines.

Last year KBS’ Strategic Opportunity REIT sold $249 million in bonds on the Tel Aviv Stock Exchange.  In November the firm shelled out $40 million for a stake in a church near Penn Station.


Related Articles

arrow_forward_ios
GCP CEO Alan Yang (Getty, GCP)
GLP raises $2.3B for logistics property fund
GLP raises $2.3B for logistics property fund
Alphabet CEO Sundar Pichai and Twitter CEO Jack Dorsey (Getty)
Twitter, Google latest big companies to delay office returns
Twitter, Google latest big companies to delay office returns
Durst Organization CEO Douglas Durst (Getty)
Durst to fire unvaccinated corporate employees Sept. 6
Durst to fire unvaccinated corporate employees Sept. 6
Converting offices to lab spaces comes with challenges, as some spaces need specific ventilation and upgraded electrical facilities (Getty)
Conversions from offices to life science labs booming
Conversions from offices to life science labs booming
132 West 14th Street and KPG’s co-founders Rod Kritsberg and Gregory Kraut (Avison Young, KPG)
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
Paramount Group lost $16 million last quarter
Paramount Group posts $16M quarterly loss
Paramount Group posts $16M quarterly loss
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...