Steiner Studios Picks Up W’Burg Rental Building For $38M
“The deal is Brooklyn-based Steiner Studios second apatment acquisition this year.”
Steiner Studios has acquired a 44-unit luxury rental building in Williamsburg, Brooklyn, known as the Jardin for $38 million, according to sources.
The deal is the company’s second apartment acquisition this year. The sale of the Jardin, a condominium-turned-rental building located at 142 N. 6th St., closed earlier this week, sources said. Last month, Steiner bought a 60-unit residential building in Carroll Gardens, Brooklyn for $24.5 million, as Crain’s New York Business previously reported.
A spokeswoman for Brooklyn-based Steiner declined to comment. The owner of the Jardin, Read Property Group, could not immediately be reached for comment. David Behin, a partner and president of the investment sales and capital advisory division at MNS, a residential sales and marketing firm, represented both parties in the deal. He also declined to comment.
Earlier this year, the owner of the Jardin decided to take advantage of the rising rental market and turn the property into a rental although it already had more than half of the units in contract to be sold. Deposits were returned to roughly 25 buyers, according to published reports. In April, rents for apartments, ranging in size from studios to two-bedrooms, started at $2,769 a month and its leasing agent was Aptsandlofts.com, according to Streeteasy.com. The building is completely leased up.
According to public records, Read Property Group bought the property for $15 million in 2011 from its original developer. The building, originally developed as Urban Green, was rebranded to the Jardin and last year units were being listed at prices ranging from $535,000 to $1.49 million, depending on the unit size, Streeteasy.com indicates. The development first launched in 2008 right before the Lehman Brothers collapse and the market crashed.
Steiner is known for its giant film and television production studios in the Brooklyn Navy Yard, but in recent years has become very active in residential development. Late last year, Steiner bought a downtown Brooklyn development site for $30 million and plans to build a new development there. That follows the development of two new luxury condo developments in Williamsburg at 58 and 80 Metropolitan Ave. In May, Steiner announced that it sold all the 123 units at 80 Metropolitan and that 58 Metropolitan was 95% sold.Blogs · Magazine · Newspaper