BROOKLYN, NY – Kalmon Dolgin Affiliates, Inc. (KDA) has arranged the sale of 118-138 Hope Street, a 20,000 square-foot property in the Williamsburg section of Brooklyn, NY, for $13 million. Kalmon Dolgin and Neil Dolgin, co-presidents of Kalmon Dolgin Affiliates, made the announcement.
Berel Nagel of Kalmon Dolgin Affiliates represented the seller, RHS Hope LLC, while Robert Klein, also of Kalmon Dolgin Affiliates, represented the buyer, Heatherwood Communities, in the transaction.
Heatherwood Communities purchased 118-138 Hope Street as a development site, with plans to build a luxury residential community in the next two to three years. The site offers 54,000 buildable square feet. Currently, there are three tenants at the property – World Trade Copiers, 4th State Metal, and Converse Rubber Tracks – which each occupy 5,000 square feet, and will remain at the property for the duration of their leases.
“Working off a strong relationship with its clients, Kalmon Dolgin Affiliates was able to negotiate a great deal for both Heatherwood Communities and RHS Hope LLC in this transaction,” said Neil Dolgin of KDA. “Williamsburg, an already popular neighborhood for both commercial and residential properties, continues to grow and attract top-quality tenants and owners. We were able to arrange a record price per square foot for the seller, and secure the buyer a prime location in Williamsburg for its future development project.”
The property at 118-139 Hope Street, between Keap and Rodney streets, offers quick access to all points in Brooklyn, Manhattan and Queens via the G and L subway lines, B24, Q54 and Q59 bus routes. The entrance to the Williamsburg Bridge and Brooklyn Queens Expressway is just a few blocks away.