Manhattan-based Sun Wansam Realty Corp. has bought a rental building at 100 Luquer Street in Carroll Gardens for $21,100,000. The elevator building has 11 stories and was built in 2011 as condos, but opened as a rental building, The Real Deal reported. Its 20 units are occupied.
The Karl Fischer-designed building was completed three years ago, after much delay and construction inactivity, and had a chagrinned existence in its early years, as we have reported. After original developer ANM Group was unable to sell units in 2011, they eventually listed the entire building for sale, and when that didn’t work, they rented the individual units.
The building sold a few years later to real estate firm Crest Realties for $15,400,000. It is typical for developers to sell buildings after they complete them.
New owner Sun Wansam intends to keep the building until at least 2020, if not longer, according to The Real Deal.
A multifamily elevator building has not sold in Carroll Gardens since 2012, according to the Real Deal. The neighborhood has relatively few new apartment buildings and consists mostly of brownstones and walkups.
Carroll Gardens Condo-to-Rental Building Sells for $21 Million [TRD]
100 Luquer Coverage [Brownstoner]
Photo by PropertyShark