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An unnamed German investor has entered the New York market with its purchase of an apartment building in South Williamsburg.
The $23M purchase of 318 South Third St. was arranged by The Britannia Group, which described the buyer as a German family. The building stands six stories tall and contains 41 apartments, which the buyer plans to renovate.
The previous owner was BCB Property Management, which bought the building in 2014 for $12.75M, making its $23M sale a nearly double return on the initial investment. The new purchase by the German investor is at a 3.3% cap rate, according to The Britannia Group.
In a statement, Britannia Group co-founder David Zlotnick called Brooklyn the "new European destination" and said South Williamsburg's potential for increased interest as an alternative to areas closer to the soon-to-be-shut-down L train.
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