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South Williamsburg Deal is Buyer’s First Foray into Luxury Rental
Hodges Ward Elliott (HWE) has arranged the sale of 424 Bedford Ave. in Brooklyn’s South Williamsburg neighborhood, where it’s the tallest property, on behalf of seller East End Capital and KBS. The 63,866-square-foot, 20-story luxury rental was sold to Global Holdings Group in its first rental apartment deal for $43.8 million, with an assumption of the in-place debt.
An HWE team of Will Silverman, Paul Gillen, Daniel Parker and Ariel Tambor advised the seller on the transaction, and procured the buyer.
“424 Bedford has the best ratio of uniqueness to size we have ever seen,” said Silverman. “We are not aware of any other 20-story building on half-acre lots for under $50 million.”
Added Parker, “Williamsburg is now globally-recognized as the epitome of cool. There are few neighborhoods in New York City with a better mix of nightlife, dining, shopping and artistic sensibilities than Williamsburg’s South Side.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
