Three Greenpoint Avenue Apartment Buildings Sell for $29 Million
A series of apartment buildings on Greenpoint Avenue were recently sold in a package deal for $29 million.
Red Brick Properties sold 105-115 Greenpoint Ave. to “an entity linked to Alberto Smeke Sabo” known as YD Development, the Commercial Observer reports. 52 apartments that are majority market rate (two units are rent-stabilized) are spread out amongst the three four-story buildings at 105-115 Greenpoint Ave. and there are no plans for redevelopment:
“They’re planting a smart poker chip, knowing that they have free-market units in a marketplace where supply is going to be restricted and was already experiencing rental growth,” said Shaun Riney, a broker at Marcus & Millichap who worked on the deal….
The buyer is affiliated with YD Development, per CoStar. YD’s projects include a Manhattan co-living project in partnership with Common, according to its website.
Riney said the new owners don’t have any drastic changes planned on the horizon. “I don’t really think that they’re going to do anything more, other than, you know, operate the asset,” Riney said. “There’s no immediate value-add plan.”
Red Brick Properties purchased 105-115 Greenpoint Ave. for $23.8 million in 2014.