While Brooklyn's Northside has seen high value multifamily transactions, a property attracting this level of investment per-square-foot in Williamsburg is rare, C&W's Maddigan says.

“The price per net square foot for 385 Union Ave. is among the highest ever sold in Williamsburg and likely the highest for a sale east of the Brooklyn-Queens Expressway,” he tells GlobeSt.com. “There have only been a few sales with an in-place cap rate close to the 4.25% achieved too.”

Last year, Sugar Hill Capital acquired 385 Union Ave. from Madison Realty Capital for $37.4 million and undertook a successful repositioning of the property, according to Shapiro.

in announcing the sale of the property in June 2015, Madison Realty Capital stated that the property was in foreclosure and under management of a receiver in 2012. MRC was able to negotiate the acquisition of the debt with the previous lender, the release of all existing subordinate liens and the transfer of the deed from the existing owner for 385 Union Ave. for $21.55 million in May 2012.

After taking title to the property, MRC was able to obtain a final certificate of occupancy, re-instate prior tax abatements and renovate the property.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

NEW YORK CITY—GDC Properties has acquired a six-story apartment building in the Williamsburg section of Brooklyn. The all-cash deal for 385 Union Ave. garnered a near record price of $1,173 per square foot.

Cushman & Wakefield, which represented the seller Sugar Hill Capital Partners, reports that Westchester County-based GDC Properties purchased the multifamily building for $45 million. The six-story, recently constructed property totals approximately 53,023 square feet and features 47 luxury residential units as well as two proposed retail units.

C&W's Brendan Maddigan and Robert Shapiro handled the transaction for Sugar Hill, which previously filed plans for two retail units on the ground floor of the property. The building currently holds a 421-A tax exemption until July 2036.

“We are delighted to buy our fourth apartment property in Brooklyn, and look forward to expanding our presence here in the coming months,” says Will Ingraham, president of GDC Properties.

While Brooklyn's Northside has seen high value multifamily transactions, a property attracting this level of investment per-square-foot in Williamsburg is rare, C&W's Maddigan says.

“The price per net square foot for 385 Union Ave. is among the highest ever sold in Williamsburg and likely the highest for a sale east of the Brooklyn-Queens Expressway,” he tells GlobeSt.com. “There have only been a few sales with an in-place cap rate close to the 4.25% achieved too.”

Last year, Sugar Hill Capital acquired 385 Union Ave. from Madison Realty Capital for $37.4 million and undertook a successful repositioning of the property, according to Shapiro.

in announcing the sale of the property in June 2015, Madison Realty Capital stated that the property was in foreclosure and under management of a receiver in 2012. MRC was able to negotiate the acquisition of the debt with the previous lender, the release of all existing subordinate liens and the transfer of the deed from the existing owner for 385 Union Ave. for $21.55 million in May 2012.

After taking title to the property, MRC was able to obtain a final certificate of occupancy, re-instate prior tax abatements and renovate the property.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.