Sugar Hill pays $40M for East W’burg rental building 51-unit 315 Seigel St. used to belong to murdered landlord

315 Seigel Street in Brooklyn (inset from top: Sugar Hill s David Schwartz and Acuity s Elliott Neumann)

Sugar Hill Capital Partners bought a 51-unit rental building in East Williamsburg once owned by slain landlord Menachem Stark.

The Harlem-based investment firm 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上海龙凤论坛

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$775,000 per unit, it s one of the highest prices paid for a rental in East Williamsburg. Rents at the building, which is one block from the Morgan L, range between $3,000 and $3,600, according to StreetEasy.

Ofer Cohen and Dan M爱上海龙凤419桑拿

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arks 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 buy爱上海同城

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ers when these assets come to market,” Marks爱上海同城对对碰

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said of the off-market deal.

The building was one of the first properties Stark bought in the early 2000s as he built up a portfolio of North Brooklyn real estate before his murder in 2014. A judge recently ruled that his accused killer, Kendel Felix, is mentally fit to stand trial. [REW] – Rich Bockmann上海贵族宝贝

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Tags: Acuity Capital Partners, menachem stark, Sugar Hill Capital Partners
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