Sidharth Lakhani Acquires 34-Unit Multifamily Building In Williamsburg, Brooklyn For $18.05M

A 34-unit rental building located at 180 Scholes Street in Williamsburg, Brooklyn has been successfully sold in a transaction facilitated by B6 Real Estate Advisors. Developed in 2012, the elevatored building offered spacious unit layouts and indoor parking. The property, which benefited from a 421a tax abatement, is set to fully expire in 2028. Under the abatement conditions, the building is 100% rent stabilized with no preferential rents. After the abatement expires, it can potentially be converted to market-rate upon tenant turnover.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $18,050,000
• Address: 180 Scholes Street, Williamsburg, Brooklyn
• Market: Williamsburg, Brooklyn
• Buyer: Sidharth Lakhani
• Seller: Baruch Rosenfeld
• Buyer's Representative: Pavan Uttam - Coastal UP Partners
• Seller's Representatives: DJ Johnston, Bryan Kirk, and Robert Moore - B6 Real Estate Advisors
• Units: 34
• Price per Unit: $530,882
• Total Square Footage: 40,000
• Price per Square Foot: $451

The sales price of $18,050,000 reflects a cap rate of 4.8% on unabated Net Operating Income (NOI). Additionally, a 5.5% discount rate has been applied to the tax savings over the remaining term of the abatement. B6 Real Estate Advisors has become experienced in marketing and valuing tax-abated multifamily buildings in New York City. If you own a property with a tax abatement, they offer insights on how it gets valued and how you can maximize its value in the market.