Acuity Capital Partners has just sold 315 Seigel Street in East Williamsburg, Brooklyn for $39.5 million.
The property, a three-story, 51-unit residential rental building, was once owned by Max Stark, a Brooklyn landlord who was murdered in early 2014. The sale is Acuity’s second large transaction in about a month. The company sold 335 West 34th Street, a 12-story office tower near Penn Station, for $50 million last July.
“It is a pleasure to transact with sophisticated and accomplished operators’, as well as rewarding to have our investment strategy come full cycle,” said Elliot Neumann, Acuity’s Chief Executive. “It’s an exciting time for this well located asset. We are grateful that our purchasers perceived the value proposition it represents.”
Acuity Capital Partners is developing two towers located at 38-42 West 18th Street and 41-43 West 17th Street. The controversial project has become a test case for the city’s Mandatory Inclusionary Housing program, which allows developers to build taller buildings in exchange for creating more affordable housing. Earlier this month, the city’s Planning Commission allowed Acuity to move forward without building affordable units.
The brokers for the transaction were Ofer Cohen and Dan Marks of Terra CRG. The property was sold for $742 per s/f. The buyer was Sugar Hill Capital Partners.