Meadow Partners sells W’Burg rental
for $61M

73-unit building is 100% market rate

TRD New York /
Jun.June 20, 2019 03:00 PM
100 South 4th Street in Brooklyn

100 South 4th Street in Brooklyn

Amid all the confusion over the new rent-stabilization laws, free-market rentals remain a sure thing.

Meadow Partners sold its 100-percent free market Williamsburg apartment building for $61 million, sources told The Real Deal.

A high-net worth private family purchased the 73-unit building known as the Rocket Lofts at 100 South 4th Street, sources said. The identity of the private family was not immediately known.

Timothy Yantz, head of investments for Meadow Partners in the United States, said the building received strong interest due to the fact that none of its units are subject to rent stabilization.

“When we put the property on the market, it obviously got a lot of attention because it was 100 percent free-market,” he said. “It was very straightforward to underwrite because it didn’t come with that political risk.”

The purchase price works out to about $890 per rentable square foot.

The seven-story building on the south side of Williamsburg between Berry Street and Bedford Avenue includes 73 loft-style apartments with 12-foot ceilings, spanning nearly 68,500 square feet. All of the units are free market. Canvas Property Group will be managing the property.

Meadow Partners paid $52 million in 2014 to purchase the building out of bankruptcy from investors Israel Perlmutter and the late Menachem Stark — the Brooklyn landlord who earlier that year was murdered and found discarded in a dumpster in Great Neck.

Meadow Partners also owns the commercial building abutting the rear of the Rocket Lofts on the other side of block at 109 South 5th Street, which it purchased in 2015 for $42 million.

HWE's Daniel Parker and Paul Gillen

HWE’s Daniel Parker and Paul Gillen

A Hodges Ward Elliott team of Daniel Parker, Paul Gillen, Allie Boyan, Ariel Tambor and Kyle Van Buitenen negotiated the sale on behalf of Meadow Partners. The brokers declined to comment.

The same team earlier this year sold the 20-story rental building at 424 Bedford Avenue in Williamsburg to Eyal Ofer’s Global Holdings Group for nearly $44 million. The brokers also sold a pair of Bronx apartment buildings to Abraham Fruchthandler for $88 million.

The brokers are currently marketing a loft-apartment building near the Brooklyn Navy Yard, with pricing guidance in the high $60 million range.


Related Articles

arrow_forward_ios
From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

269 Wallabout Street in Williamsburg (Credit: Google Maps)

On to the next one: Rabsky planning yet another Brooklyn project

275 Park Avenue in Brooklyn (Credit: StreetEasy)

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals

58 Union Avenue (Credit: Google Maps)

Brooklyn binge: Rabsky Group plans to bring 65-unit project to Williamsburg

295 Fifth Avenue with Tribeca Associates principals Elliot Ingerman and Bill Brodsky (Credit: Google Maps, LinkedIn)

Textile Building to get $300M overhaul

CW Realty's Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

CW Realty buying Williamsburg assemblage for $39M

329 Broadway and JLJ CEO Jonathan Lewis (Credit: Syndicate Architecture via CityRealty, Google Maps)

Williamsburg developer lands $57M refi to complete 329 Broadway

arrow_forward_ios