Upscale Brooklyn Community Sells for $45M
- Aug 27, 2020
Yihai North America has completed its $45.3 million acquisition of 111 Kent, a 62-unit luxury community in Brooklyn’s Williamsburg neighborhood. American Realty Advisors sold the asset, according to public records. The property last changed hands in 2012, when a joint venture between Stellar Management and Largo Investments sold it for $56 million.
Work on the seven-story building at 111 Kent Ave. began in 2008. However, the project changed ownership a few times due to the financial crisis and was only completed in 2012, according to The Real Deal. The unit mix has one- and two- bedroom floorplans ranging between 784 and 1,390 square feet. The amenity package includes a swimming pool, a gym, subterranean parking and concierge service.
The transit-oriented property is close to the Bedford Avenue subway station and the North Williamsburg ferry terminal. The community is also within 1 mile of Interstate 278 and 5 miles from Midtown Manhattan.
Brooklyn’s multifamily sector has felt the impact of the pandemic. The borough’s rents decreased by 80 basis points to $2,878 on a trailing three-month basis through June, according to a recent Yardi Matrix report. At the same time, sales transactions of multifamily assets slowed to only $168 million in the first half of the year.