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Deals & Dealmakers

Madison Realty Capital sells Williamsburg apartment building for $22.4M

Madison Realty Capital has just sold 265-267 South 2nd Street, a multifamily rental in Williamsburg, Brooklyn, for $22.4 million.

The six-story walk-up, which is located between Havemeyer Street and Marcy Avenue, contains 22,800 s/f of space. Out of its 35 apartment units, 17 are rent-stabilized.

“We’re pleased to announce this successful exit from one of MRC’s equity investments,” Zegen said.  “When we acquired it, this property needed modernization to improve its position in the competitive Williamsburg rental market.  Our construction and asset management teams were successful in creating a modernized multifamily product that was appealing to investors.  There was significant interest in the property from a variety of potential purchasers, and we were able to achieve a strong result.”

The renovations involved reworking the kitchen with granite countertops and stainless steel appliances. The company also added recessed lighting, hardwood floors, and crown moldings in the living space. Meanwhile, some units now have open-air terraces and ground floor outdoor spaces.

The purchase price represents a hefty profit for Madison. The company bought the building for $9.7 million in 2013.

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