The Real Deal New York

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

Partners bought 424 Bedford Ave. for $41M in 2014
By Konrad Putzier | May 15, 2017 03:50PM

From left: Peter Bren, 424 Bedford and Will Silverman

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.