By Al Barbarino
Springhouse Partners has purchased a newly-constructed residential building located at 90-96 Meserole Street in Williamsburg, Brooklyn for $13.75 million.
The 39,000 s/f building features 32 loft-style units, averaging 1,000 s/f. The amenity package includes a gym, game and media rooms, and a rooftop lounge. The building also has a 25-year tax abatement and was fully occupied at the time of acquisition.
“It’s a really unique building with a lot of young professionals,” said Adam Verner, founder and president of Springhouse Partners. “All units have high-end condominium finishes, and the young tenants really enjoy the amenity package.”
Rents in the building run in the low $30 psf range, while the rest of the market is trending toward the mid to high $30 range, Verner said.
“This was an opportunity where the numbers were very attractive,” he said.
Springhouse — a property owner and manager founded by Verner two years ago — owns several other residential buildings in Manhattan. But Verner plans to venture further into Brooklyn, recognizing the potential there.
“It’s a strong market, it’s expanding, and we like the fundamentals,” he said.
Steven Vegh, of Multi Investment Group, brokered the off market sale.