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

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JLL has completed the $116.2 million sale of 247N7, a 169-unit, 151,766-square-foot multi-unit property in Brooklyn.

JLL Capital Markets announced the closing of the $116.2 million sale of 247N7, a 169-unit, 151,766-square-foot multi-unit building located at 247 N. 7and 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 buyer HUBB NYC.

Built 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 built-in washers and dryers. The building offers best-in-class amenities such as an indoor parking garage with valet parking, 24-hour doorman, state-of-the-art fitness center, 13,000 square foot courtyard and two roof terraces.

Located between North 8th Street and North 7th Street, the property is conveniently located in the center of Williamsburg, Brooklyn’s premier entertainment district. The building offers unparalleled access to Manhattan with the L Bedford Avenue train stop two blocks away offering a 10-minute ride to Union Square.

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

“247N7 represents the most attractive multi-unit assets in Williamsburg and potentially all mid-rise buildings in New York City,” Hinckley said. “In addition to abundant amenities, the property offers proximity to green spaces and waterfront plazas, state-of-the-art restaurants, centralized shopping, including a Whole Foods, and nightlife that is a destination for the whole city. All parties have completed a flawless transaction and we are truly delighted to see it close quickly and efficiently.

JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients – whether it is sales and investment advice, debt advice, equity advice or ‘a

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

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