An affiliate of GFI Capital Resources Group closed today on the $39.5 million sale of two adjoined apartment buildings in the Sheepshead Bay area of Brooklyn, Commercial Observer has learned. Hudson Companies in partnership with the New York City Pension Funds, purchased these properties through its Sandy Rebuilding Fund.
A 3,350-square-foot Carroll Gardens building on restaurant row has sold for $3.26 million, Commercial Observer has learned. The building, at 325 Smith Street, is situated on the corner of Smith and President Streets, above an entrance to the F and G subway station.
Williamsburg’s real estate success story has mostly centered on its residential boom—until now. With a new speculative office tower planned for the Brooklyn neighborhood and high-profile retailers preparing to set up shop, the former industrial area and hipster haven is becoming a hotbed of major league commercial activity.
The neighborhood has been abuzz over, and not always happy about, its residential development, which, with many more projects on the horizon, continues to overshadow the commercial market. There are more than 6,100 residential units in the pipeline, according to data compiled by MNS in January.
For more than five years, an exodus of the young and hip from the aluminum-siding-studded homes of Williamsburg, Brooklyn, has been flowing southeast into neighboring Bushwick.
But now a nascent 80,000-square-foot retail and nightlife complex at 82 Bogart Street threatens to cement the neighborhood’s imminent transformation from underground hipness to mainstream retail success once and for all.