Loft Apartment Building Sells for $61M in NYC
Meadow Partners sold the market-rate rental property in Brooklyn's Williamsburg neighborhood. Hodges Ward Elliott arranged the sale of the former industrial asset.
Meadow Partners has sold Rocket Factory Lofts, a 73-unit apartment building in the Williamsburg neighborhood of Brooklyn, New York City for $61 million. The luxury rental building at 100 S. 4th St. measures nearly 68,500 square feet and includes ground-floor retail.
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The loft-style, industrial chic residential units, which are non-rent-regulated, feature 12-foot ceilings, exposed concrete beams and columns and maple hardwood floors. Interiors also have new appliances and bathrooms as well as oversized windows. Meadow Partners repositioned the pre-war building after purchasing it in 2014.
The site is located near the Williamsburg Bridge and the East River waterfront, several blocks from the Marcy Avenue subway stop served by the J, M and Z trains. Hodges Ward Elliott arranged the sale, with a team comprising Daniel Parker, Paul Gillen, Ariel Tambor, Kyle Van Buitenen and Allie Boyan representing the seller.
Parker noted that the heightened uncertainty around rent-stabilized properties makes now a good time to sell a free-market building or a building enjoying a 421a tax abatement, according to a prepared statement.