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Jul. 12, 2013

Brooklyn Apartments Sell for $28M

By Dees Stribling, Contributing Editor

New York—Silverstone Property Group and Adam America Real Estate Group have sold 65-69 North 6th St. in the Williamsburg neighborhood of Brooklyn. The property fetched $28.75 million from an unspecified buyer, according to the sellers.

The development began under previous ownership as a 24-unit condo building some years ago. That project never jelled, so Silverstone and Adam America acquired the property for $4.3 million and began work on a rental configuration in 2011. Besides the apartments, 65-69 North 6th St. includes 4,000 square feet of ground-floor retail space, and offers 14 off-street parking spaces.

By the fall of 2012, construction was completed and the property fully leased. The leasing campaign was unusually successful, with half of the units rented in a single day and all of them rented within 30 days of the building’s opening.  At the time 65-69 North 6th Street achieved rents of over $65 per square foot, which the sellers say is a record in the Williamsburg market.

Williamsburg has also attracted considerable investor interest lately. Last month, for example, an investment group led by Waterbridge Capital LLC bought a portfolio of six south Williamsburg buildings from 170 South First Street LLC for $27 million, some of which might be repositioned for residential development.

Silverstone and Adam America are currently developing another rental property in Williamsburg, a 170-unit building at North 7th and North 8th streets, as well as a 70-unit condo building on Water Street in DUMBO (Down Under the Manhattan Bridge Overpass), which is also part of Brooklyn. Adam America also developed 53 Broadway in North Williamsburg, which is opening later this summer.

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