Former YMCA Rooming House in South Williamsburg Trades for $30 Million

With the closure of the L train looming over Williamsburg, a recent property sale could show increasing demand off the J/M/Z line.

A former YMCA rooming house at 185 Marcy Avenue sold for $30 million, or $526 per square foot, to Elliot Neumann’s Acuity Capital Partners, and the new owners plan to “reposition” it, according to The Real Deal. The sale has not yet hit public records.

The early 20th century brick building houses offices for New York City Administration for Children’s Services, doctors, and Watermark Capital Group, among others. It has residential FAR, according to PropertyShark, although a change of occupancy would be needed to return it to residential or hotel use.

The price was sizable for South Williamsburg, according to a source familiar with the deal who owns property along the same train line, who called the number “shocking.”

“It’s a new market. Especially with the shut down of the L train, lots of investors are buying along the J/M/Z lines,” he told Brownstoner.

Prices north of $1,000 a square foot are not unheard of on the more-expensive Northside. South Williamsburg is busy with development, including the Oosten, Rose Castle, Cascade Linen, and Rabsky’s developments on the Pfizer site in the Broadway Triangle.

Seller Arye Gutman has been selling off his Brooklyn assets recently, including a block-sized property at 2440 Fulton Street in Ocean Hill that sold for $33 million in 2015.

The L train will shut down for 18 months in 2019, which some speculated would bring prices down in Williamsburg.

Related Stories

• L Train Won’t Shut Down Until 2018, Disruptions Could Last Seven Years
• Williamsburg Biz Owners Say L Train Closures Hurt
• Sale of Prime ‘Burg Retail Spot, Former Salvation Army Site, Finally Goes Through

Email tips@brownstoner.com with further comments, questions or tips. Follow Brownstoner on Twitter and Instagram, and like us on Facebook.