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MetLife pays $68M cash for Williamsburg apartments

Clarion Partners is seller of two loft buildings

From left: MetLife's Michel A. Khalaf and Clarion's David Gilbert along with with 44 Berry Street and 139 North 10th Street in Williamsburg (Getty, LoopNet, Clarion, MetLife)
From left: MetLife's Michel A. Khalaf and Clarion's David Gilbert along with with 44 Berry Street and 139 North 10th Street in Williamsburg (Getty, LoopNet, Clarion, MetLife)
By
Jan 26, 2023, 1:18 PM

One way to navigate this tough borrowing environment is to buy without a loan.

MetLife paid nearly $70 million in cash for a pair of Williamsburg apartment buildings, The Real Deal has learned.

The insurance giant purchased the buildings at 139 North 10th Street, also known as the Print House Lofts, and 44 Berry Street from Clarion Partners for $68.1 million.

It’s one of the first big multifamily acquisitions of the year as rising interest rates continue to be a challenge for dealmakers.

Representatives for MetLife and Clarion Partners did not immediately respond to requests for comment.

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Clarion put the portfolio on the market in September with Eastdil Secured, which brokered the sale.

The buildings date back to the early 20th century and were converted in the early 2010s with a total of 78 apartments between the two of them. The Print House Lofts is entirely market-rate, while the 44 Berry Street property receives a J-51 tax exemption that expires this summer. Most buildings under J-51 must be rent-stabilized while receiving the tax benefits.

Clarion Partners, which is headed by CEO David Gilbert and majority-owned by Franklin Templeton, bought the two buildings in 2011 and 2014 for nearly $58 million.

MetLife, which both owns and lends on real estate, has been selling as of late. The company’s investment management arm just sold a portfolio of California retail properties to JPMorgan for $138 million.

Elsewhere in Williamsburg, 60 Guilders last month bought a portfolio of three rental buildings from Rabsky Group for $143 million.