CBRE arranges $30 million sale of former industrial building into converted multifamily property

Brooklyn, NY CBRE has completed the $30 million sale of 59 Bogart St., a 51-unit multifamily loft building located in the East Williamsburg section of the city.

The CBRE team of Robert Shapiro and Ian Brooks represented the seller and procured the buyer.

“We experienced tremendous demand for this asset as capital continues to seek value-add properties in active investment markets,” said Shapiro. “The property attracted significant investor interest due to its transit-oriented location, recent residential conversion and proximity to major planned development projects.”

Originally constructed as an industrial loft building, the property was repositioned into 51 residential units in 2005 and is directly above the Morgan Ave. L train station. The one-, two-, and three-bedroom loft style rental homes at 59 Bogart retain many of the building’s original industrial design elements, with renovated interiors that preserve original architectural features.

Building amenities include in-building laundry, residents’ lounge, gym, bike room, roof deck with a barbecue area and communal outdoor spaces. The property is also near several planned development projects, including the proposed Echelon Studios film production facility.

Tags: Brokerage New York City Multifamily

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