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Miami-based apartment investor Lloyd Jones LLC bought the property at $270,000 a unit.

Buyer Hotusa Group oversees tourism and hotel companies including the Eurostars chain, the existing brand on the downtown hotel.

JMF Properties recently staged a ribbon cutting for the 212-unit development at 1400 South Ave., located between the Netherwood and Fanwood train stations on the Raritan Valley train line.

Purchased in 1992 by a private investment group, the building is currently listed on the National Register of Historic Places and has operated as a boutique hotel and short-term rental for more than 90 years.

Contract activity has increased 16% year-over-year in the borough that has seen great migration of buyers into East and South Brooklyn.

LinkedIn moved into the Empire State Building in 2011 and has grown to 501,600 square feet in what is deemed New York City's most iconic property.

Neighborhoods like Williamsburg in Brooklyn and Manhattan's Bond Street in NoHo, have served as a blueprint for other 18-hour streets nationwide.

New construction coming online and, or shadow space in Midtown contributed to negative net absorption for Q3.