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NH Investment Buys Williamsburg Apartment for $157.5M

NH Investment & Securities has acquired the residential component of The Dime, a mixed-use project in Williamsburg that also features office and retail, a source tells GlobeSt.com. The project sponsors, Tavros Capital Partners and Charney Companies, sold the 23-story, 340,000-square-foot multifamily property located at 275 South 5th St., with Cushman & Wakefield’s Adam Spies, Adam Doneger, Marcella Fasulo and Dan OBrien arranging the sale.

Cushman & Wakefield declined to comment.

Located between Havemeyer St. and Marcy Ave., the rental building has been integrated into the original home of the Dime Savings Bank. 

Apartment deals have been on fire in New York City. 

Transactions completed and dollar volumes soared in all New York City boroughs in Q1 according to Ariel Property Advisors’ Q1 report on the city’s sector. 

Dollar volume in the city showed a 451 percent increase compared to 2021, Ariel Property Advisors reported, well above the five-year average.

The Brooklyn market saw dollar volume of trades for the quarter total $627 million across 34 transactions compared to dollar volume of $104 million across 16 deals in 1Q 2021.

Reprinted with permission from the Mon, 09 May 2022 07:04:20 EDT online edition of GlobeSt © 2022 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.