Marble Hill Capital Partners Acquires Mixed-Use Property In Williamsburg For $21.5M

Marble Hill Capital Partners, represented by Karim Elsayyad and Meng Lee, has acquired a mixed-use property located at 68 Richardson St. in the Williamsburg market. The property consists of 24 apartments and 1 commercial space, spanning a total of 32,532 square feet. The sale, facilitated by Shaun Riney, Mike Salvatico, Joe Koicim, and Marcus & Millichap, was completed on July 7, 2022. The purchase price for this transaction was $21,500,000, resulting in a price per square foot of $660. The cap rate for this deal stands at 4.2%, based on full market occupancy.

Summary of transaction details:

• Property Type: Mixed-use (24 Apts & 1 Commercial Space)
• Transaction Amount: $21,500,000
• Square Footage: 32,532
• Buyer: Marble Hill Capital Partners - Karim Elsayyad & Meng Lee
• Seller: Kaled Management
• Brokers: Shaun Riney, Mike Salvatico, Joe Koicim - Marcus & Millichap

Marble Hill Capital Partners, led by Karim Elsayyad and Meng Lee, successfully purchased the mixed-use property at 68 Richardson St. in Williamsburg. The acquisition includes 24 apartments and 1 commercial space, totaling 32,532 square feet. The sale was facilitated by Shaun Riney, Mike Salvatico, Joe Koicim, and Marcus & Millichap. The transaction, which closed on July 7, 2022, commanded a sale price of $21,500,000, resulting in a price per square foot of $660. With a cap rate of 4.2%, based on full market occupancy, the property presents a promising investment opportunity.