Conversion candidate in Williamsburg on market

November 14, 2012 By Linda Collins Brooklyn Daily Eagle
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Marcus & Millichap Real Estate Investment Services reports a new listing for a newly constructed eight-story 19-unit residential building in Williamsburg.

This multifamily property, at 143 Skillman Ave., is owned by a local partnership.

The asking price of $10.5 million equates to $457 per square foot, according to Matthew Fotis, a vice president of investments in the firm’s Manhattan office, who is spearheading the marketing efforts along with associate Said Boukhalfa.

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“This 2010-constructed building was originally planned as a condo and completed with luxury finishes inside the units,” said Fotis. “The building’s 19 apartments are fully occupied and currently leased at below-market rents, which allows for cash flow appreciation in the initial 12 months of ownership.’

The 23,000-square foot property sits on a lot 50.5 feet by 126.33 feet.

“The building is considered to be a strong condo-conversion candidate,” said Fotis.

It also includes a community space already leased by Fluent City, a language school for adults that has a lease in place through 2018.

Each unit has outdoor space, and the building amenities include on-site parking, laundry and storage spaces, a small gym and a large common patio. 


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