August 23, 2016

TerraCRG Closes $40M Sale of E’Wburg Rental Building

Sugar Hill Capital Partners paid Acuity Capital Partners $39.5 million ($742 per square foot) to buy the three-story, 53,200-square-foot loft building at 315 Seigel Street, Real Estate Weekly reported. At $775,000 per unit, it’s one of the highest prices paid for a rental in East Williamsburg.

Ofer Cohen and Dan Marks at TerraCRG brokered the deal, while Meridian Capital Group arranged financing provided by Signature Bank.

“Loft style apartments situated in this highly sought after art district are rarely available, leading to strong demand from buyers when these assets come to market,” Marks said of the off-market deal.

Read more here.