142 North 6h Street, a new apartment building known as Jardin, has been sold o the real estate arm of Steiner Studios for $38 million. The seller was the Read Property Group.
According to David Behin of MNS, who served as the sole broker through the company’s Investment Sales and Capital Advisory (ISCA) division, the Williamsburg conversion was fully leased at the time of sale and averaging over $53 psf.
“Although originally envisioned as a condominium, the Williamsburg market is experiencing an unprecedented rental demand, making 142 North 6th Street more valuable as a rental and more profitable investment property,” said Behin.
“We expect to see more deals of this nature in the surrounding area as inventory is tight and investors compete for acquisitions of multifamily buildings.”
The two-building, 440unit luxury rental development has entrances on North 5th and North 6th Streets and a mix of duplex, studio, one-, two- and three-bedroom units.
“The property was leased up in weeks prior to being marketed for sale, so we see good upside in rental rates,” said Douglas C. Steiner, Chairman of Steiner Studios.
“The building is well-built, has great layouts and design, and the location is fantastic.”
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