142 North 6th Street, also known as Jardin, has been sold to the real estate arm of Steiner Studios for $38 million. The seller was the Read Property Group. According to David Behin of MNS, which served as the sole broker through the company’s Investment Sales and Capital Advisory (ISCA) division, the rental conversion located in prime Williamsburg, was fully leased at the time of sale and averaging over $53 per square feet.
“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 a 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, 44-unit luxury rental development with entrances on North 5th Street and North 6th Streets, offers a mix of duplex, studio, one, two- and three-bedroom units. Amenities include a fully-equipped fitness center, common roof deck and landscaped courtyard, as well as parking available on-site. In addition, the development houses two retail stoes.
The property was leased up in weeks prior to being marketed for sale, so we see good upside in rental rates. The building is well-built, has great layouts and design, and the location is fantastic” said Douglas C. Steiner, Chairman of Steiner Studios.
Since its inception, ISCA has sold over $100 million of real estate and note sales for development sites, while successfully raising over $20 million of equity for developers.
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