Sugar Hill Properties Sells Renovated, Fully Occupied Williamsburg Multifamily Building For $45M In Cash
Sugar Hill Capital Partners has sold a renovated, fully occupied multifamily building at 385 Union Ave in Williamsburg to GDC Properties for $45M in cash.
The deal comes out to $1,173 per SF with an in-place 4.25% cap rate. The 53k SF, six-story corner property was marketed by Cushman & Wakefield executive managing director Robert Shapiro and senior managing director Brendan Maddigan, the Wall Street Journal reports.
GDC Properties president Will Ingraham says this is the company’s fourth apartment property in Brooklyn. GDC Properties will lease the two proposed ground-floor retail units, totaling 2,200 SF.
Sugar Hill acquired the then-vacant, 47-unit building from Madison Realty Capital last year for $37.4M. The building holds a 421-a tax exemption until July 2036. [WSJ]
