February 1, 2016 | Wall Street Journal | Emily Nonko
A developer who converted a stalled condominium development in Brooklyn’s Greenpoint neighborhood into a rental building has sold it for a profit.
Ronny Ben-Dov sold the 38-unit, 53,124-square-foot building at 305 McGuinness Blvd. for $31 million, according to Brendan Maddigan, a director of Cushman & Wakefield. The buyer, according to public records, is Westchester-based investment firm GDC Properties.
Mr. Ben-Dov in 2010 bought the then-stalled condo project for $13.4 million, Mr. Maddigan said, and converted it into rentals. Mr. Ben-Dov declined to comment. The buyer has no immediate plans to change the building, Mr. Maddigan said.
Today, rents at the building average about $45 a square foot, according to Mr. Maddigan. “At that time, 305 McGuinness was a good example of a stalled condo project of the last downturn,” he said...
Click here for full article.
Neighborhoods: Greenpoint/ Agents: Brendan Maddigan