Sidharth Lakhani Acquires 34-Unit Multifamily Building In Williamsburg, Brooklyn For $18.05M
180 Scholes Street
40,000 SF
Summary
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.
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