Just eight months after buying a 47-unit Williamsburg rental building for $37 million, Sugar Hill Ca
From left: Sugar Hill’s David Schwartz, 385 Union Avenue in Williamsburg and Robert Shapiro
Just eight months after buying a 47-unit Williamsburg rental building for $37 million, Sugar Hill Capital Partners is looking to flip it for a hefty profit.
The 53,000-square-foot apartment building at 385 Union Avenue hit the market with an asking price of $53 million, according to sources. Achieving that price would send a signal that the Williamsburg market can shrug off worries over a looming L-Train shutdown and broader weakness in U.S. commercial real estate.
Cushman & Wakefield’s Robert Shapiro is marketing the property.
The building was vacant when Sugar Hill bought it from Madison Realty Capital in June, according to a source. The source added that the building is now fully leased, and Sugar Hill is evidently banking this will make it more attractive to potential buyers.
The property at 485 Union Avenue was originally developed by Anshel Friedman and Pincus Freund. City National Bank took over the building through foreclosure and sold it to Madison Realty in 2012 for $21.5 million.
Last month, Sugar Hill bought four rental buildings on the Upper West Side for $65 million from Benjamin Hadar and Leonard Solomon.
Source: The Real Deal
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