Big Deals in 'Burg

A couple of big ‘Burg sales popped up in the news this morning. The first is a huge acquisition of three adjacent properties along North 3rd Street between Berry Street and Bedford Avenue for $51.5 million. The Real Deal reports that SL Green and Magnum Real Estate Group purchased 44 condominium units at 195 Berry Street for $19.58 million, 28 condos at 248 Bedford Avenue for $14.1 million, and 12 townhouses at 129 North 3rd Street for $17.8 million. SL Green and Magnum also own the retail space under the apartments, which they bought in 2010 for $20.8 million. The buyers plan to rent the apartment units and put the 12 townhouses up for sale. MNS will begin marketing them within the next several months. And the Wall Street Journal reports on another massive sale by Waterbridge Capital LLC for nearly the entire block bounded by Bedford, Driggs, North 3rd and North 4th streets (pictured). The developers have been picking up property along the block in five different transactions for a total of $30 million. This parcel is currently home to a former bagel store, a hookah bar, Foodtown grocery store, and Kings Pharmacy; the only businesses the developers have not purchased are two corner properties. Not surprisingly, the developers are aiming to bring “high end retail” into these spaces.
SL Green, Magnum pay $52M for Newly Constructed Williamsburg Residential Portfolio [TRD]
Block by Block in Brooklyn [WSJ]
Photo via Google Maps