High Prices in Williamsburg

A modest eight-unit apartment building in the Williamsburg neighborhood of Brooklyn sold for $4.45 million, or roughly half-a-million dollars per unit.

A local investor bought the four-story building, which is just 25 feet wide, with a total of 6,000 square feet. The sales price equates to $750 per square foot, with an initial capitalization rate at 3.1%. The property at 213 North 7th Street was owned by the same family for the past 40 years.

The building is located just 100 feet from the Bedford Avenue subway station entrance.

Matthew Garcia at Besen & Associates was the sole broker in the transaction.