A Developer Makes a Shift From Offices in the Suburbs to City Housing

(The New York Times) Over the years, the property at 142 North Sixth Street in Williamsburg, Brooklyn, has gone through many changes. It has been a popular flea market, a condominium development with a bamboo garden, and, most recently, luxury rental apartments. Now, the 44-unit building has changed hands once again.

Steiner NYC closed late last month on a $38 million purchase of the building, which it intends to keep as a rental property. It is the developer’s latest residential acquisition in the borough, and part of its larger strategy to reposition its portfolio into multifamily properties in Manhattan and Brooklyn and out of suburban office buildings.

Douglas Steiner, chairman of Steiner NYC, at Steiner Studios. Lately, the company has concentrated on buying and developing residential properties. Credit: Ángel Franco/The New York Times

Source: http://www.nytimes.com/2012/07/04/realesta...