T30 Capital Sells East Williamsburg Loft Building at 59 Bogart Street for $30M

Local real estate investor Jo-Ann Obergfell is buying a 51-unit multifamily property in East Williamsburg, Brooklyn.

The low-profile Obergfell, using the LLC 59 Bogart tied to an address in Brooklyn, acquired 59 Bogart Street from T30 Capital for $30 million, according to property records and seller broker CBRE. Originally an industrial property, the three-story building was converted to residential lofts in 2005.

“We experienced tremendous demand for this asset as capital continues to seek value-add properties in active investment markets,” CBRE’s Robert Shapiro, who negotiated the deal alongside Ian Brooks, said in a statement. “The property attracted significant investor interest due to its transit-oriented location, recent residential conversion and proximity to major planned development projects.”

Obergfell, who has served as president of Ellio’s Pizza and G.A. Productions, could not be reached for comment. She signed the deed filing as the authorized signatory of 59 Bogart LLC.

Jeremy Salzberg, co-founder and managing partner of T30 Capital, signed on behalf of the firm, listing the headquarters of the firm as the mailing address for the shell corporation 59 Bogart Owner, as well as signing for two other organizations listed as under the seller.

T30 Capital is linked to affiliate Sugar Hill Capital Partners, which serves as its property-owning predecessor entity and bought 59 Bogart Street — also known as 315 Seigel Street — for $39.5 million in 2016. All new business, investments and operations are conducted directly through T30 Capital.

The property situated above the L train’s Morgan Avenue station offers one- to three-bedroom units, along with a lounge, a gym, a bike room and communal outdoor spaces for residents, according to CBRE.

Mark Hallum can be reached at mhallum@commercialobserver.com.