Prime Williamsburg Property Sold for Likely Condo Conversion
By Al Barbarino March 13, 2014 8:00 am
reprintsMarcus & Millichap (MMI) has arranged the sale of a six-unit multifamily property at 77 Berry Street in Williamsburg, Brooklyn for $2.6 million, where the new buyer will likely create a boutique condo building.
At $692 per square foot, the sale was a record for a frame exterior building (with a six- to eight-family capacity) in the neighborhood, said Marcus & Millichap’s Mike Salvatico, who arranged the sale.
“This area continues to appreciate very rapidly as a class-A destination,” he said, noting that existing condos in the area consistently push more than $1000 per square foot.
The new buyer plans a full gut renovation of the three-story property and, using 1,250 square feet of air rights, will likely tack on an additional floor to create the boutique condominium building.
The property, located within blocks of the popular Wythe Hotel and Output Club destinations in prime Williamsburg, closed within 10 days of being on the market, highlighting of the red hot investment sales market in the neighborhood.
“We were able to garner enough competition that within three days we had a number of bidders at the full asking price,” Mr. Salvatico said.
