Mid-rise apartment buildings sell for $116.2 million in Williamsburg, Brooklyn

Greystar completes the sale of 247N7 led by JLL Capital Markets

158
247 North 7th St
JLL closed the $116.2 million sale of 247N7, a 169-unit, 151,766-square-foot, two-building multihousing property in Brooklyn.

JLL Capital Markets announced that it has closed the $116.2 million sale of 247N7, a 169-unit, 151,766-square-foot, two-building multihousing property located at 247 N. 7th St. in the Williamsburg neighborhood of Brooklyn.

JLL marketed the building on behalf of the seller, Greystar Real Estate Partners, and Managing Director Jesse Terry led the acquisition on behalf of the buyer HUBB NYC.

Constructed in 2015, the seven-story property features 50 studios, 91 one-bedroom units and 28 two-bedroom units with stainless-steel appliances, dishwashers, chef-inspired kitchens and in-unit washers and dryers. The building offers best-in-class amenities such as an indoor parking garage with valet service, a 24-hour doorman, a state-of-the-art fitness center, a 13,000-square-foot courtyard and two rooftop terraces.

Situated between North 8th Street and North 7th Street, the property is conveniently located at the center of Williamsburg, Brooklyn’s leading live-work-play neighborhood. The building offers unmatched access to Manhattan with the L train Bedford Avenue stop located two blocks away and providing a 10-minute commute to Union Square.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Rob Hinckley and Jeffrey Julien, Senior Director Steven Rutman, Vice President John Taylor and Analyst Joy Ryoo.

“247N7 represents the most attractive Williamsburg and potentially all of New York City mid-rise multihousing assets,” Hinckley said. “In addition to abundant amenities, the property offers proximity to green space and waterfront esplanades, cutting-edge dining, centralized shopping, including a Whole Foods, and a nightlife that is a destination for the entire city. All parties performed flawlessly on this transaction and we are really excited to see it come to a quick and efficient close.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a

recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.