NEW YORK CITY-Multifamily developer Heatherwood Communities of Islandia, NY has acquired a Williamsburg office building in an off-market transaction for $13 million.
The firm, which develops rental apartments in Brooklyn and Long Island City, acquired the 20,000-square-foot office building at 118-138 Hope St. from a limited liability corporation, according to the Real Deal. Berel Nagel of Kalmon Dolgin Affiliates represented the seller. KDA's Robert Klein handled negotiations for Heatherwood.
The building currently is leased to commercial tenants, but will be redeveloped as a luxury rental property once leases expire in the next three years, Nagel told the newspaper. See story in The Real Deal.
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