The 113-unit rental building at 175 Kent Avenue sold for $76 million to Equity Residential, Sam Zell’s Chicago-based trust, as Crain’s reported yesterday. The building, which the Chetrit Group developed, was finished early last year and rented out very quickly. This is the latest example of a developer turning a condo into a rental and then selling off the property to new investors: The Arias Park Slope’s builders went that route, for $60 million, and the developers of 100 Luquer are looking to do the same. Rents at 175 Kent started at $2,343 a month and went up to $4,463 a month.
Sam Zell’s Firm Splashes Out $76M in Billyburg [Crain’s]
175 Kent Avenue 97% Rented in Three Months [Brownstoner]
175 Kent Ave. Hits the Rental Market. Sorta. [Brownstoner] GMAP


What's Your Take? Leave a Comment

    1 2