Record Price Paid For Williamsburg Condo Complex As Brooklyn Real Estate Heats Up

by Wall Street Job Report on May 30, 2012

The market for multifamily buildings in Brooklyn has been heating up over the last year. But the recent sale of 111 Kent Avenue in Williamsburg was stunning even in a hot market. The buyer, American Realty Advisors, paid $55.5 million, or more than $895,000 for each of 111 Kent’s 62 apartments. The price paid per apartment is a record for such properties outsideManhattan, according to the data company, Real Capital Analytics. “It was an eye-popping number,” said Douglas Steiner, a developer and investor and the chairman of Steiner Studios. Mr. Steiner most recently acquired a 60-unit rental in Carroll Gardens for $24.5 million, or $408,000 a unit, and is in contract to buy another rental building in the borough.