Sugar Hill pays $40M for East W'burg rental building
Wednesday, August 24, 2016
Sugar Hill Capital Partners bought a 51-unit rental building in East Williamsburg once owned by slain landlord Menachem Stark.
The Harlem-based investment firm paid Acuity Capital Partners $39.5 million ($742 per square foot) to buy the three-story, 53,200-square-foot loft building at 315 Seigel Street, Real Estate Weekly reported. At $775,000 per unit, it's one of the highest prices paid for a rental in East Williamsburg. Rents at the building, which is one block from the Morgan L, range between $3,000 and $3,600, according to StreetEasy.
Ofer Cohen and Dan Marks at TerraCRG brokered the deal, while Meridian Capital Group arranged financing provided by Signature Bank.
"Loft style apartments situated in this highly sought after art district are rarely available, leading to strong demand from buyers when these assets come to market," Marks said of the off-market deal.
The building was one of the first properties Stark bought in the early 2000s as he built up a portfolio of North Brooklyn real estate before his murder in 2014. A judge recently ruled that his accused killer, Kendel Felix, is mentally fit to stand trial. [REW] - Rich Bockmann
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