A Rental Market Surge in Brooklyn

(The New York Times) The market for multifamily buildings in Brooklyn has been heating up over the last year. But the recent sale of 111 Kent Avenue in Williamsburg was stunning even in a hot market.

The buyer, American Realty Advisors, paid $55.5 million, or more than $895,000 for each of 111 Kent’s 62 apartments. The price paid per apartment is a record for such properties outside Manhattan, according to the data company, Real Capital Analytics.

American Realty Advisors paid more than $895,000 for each of the 62 apartments in 111 Kent Avenue in Williamsburg, Brooklyn. Credit: Chester Higgins Jr./The New York Times

Source: http://www.nytimes.com/2012/05/30/realesta...