Developer Sam Boymelgreen, son of Lubavitch real-estate mogul Shaya Boymelgreen, just sold a 126-unit rental building in the Windsor Terrace neighborhood of Brooklyn for $76 million. He paid $25 million for the property last year.
From The Real Deal:
Boymelgreen bought the property at 33 Caton Place — also known as the Kestrel building — for $25 million out of foreclosure last year, according to the New York Daily News.
He finished construction on the property and has begun leasing out units at the rental development, the newspaper reported.
Ackman-Ziff director of sales David Robinov represented both the buyer and the seller in the transaction.
Massey Knakal briefly listed the property for $90 million in September.
“The Kensington and Windsor Terrace neighborhoods have thus far been untested markets for investment,” Robinov told the newspaper. “Our team highlighted the scarcity of affordable rentals in more established neighborhoods to spur investor confidence that that there will be continued rent growth all across Brooklyn.”