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T30 Capital sells East Williamsburg loft building for $30M
The three-story property at 59 Bogart Street was converted to residential lofts in 2005 and offers one- to three-bedroom units above the L train’s Morgan Avenue station.
Commercial Observer reports that local investor Jo-Ann Obergfell is buying a 51-unit multifamily property in East Williamsburg, Brooklyn, acquiring 59 Bogart Street from T30 Capital for $30 million, according to property records and the seller broker CBRE.
The building was originally industrial and was converted to residential lofts in 2005. CBRE said investor interest was driven by the property’s transit-oriented location, the recent conversion, and proximity to major planned development projects.
The asset sits above the L train’s Morgan Avenue station and includes one- to three-bedroom units, along with a lounge, a gym, a bike room, and communal outdoor spaces for residents, according to CBRE. Obergfell signed the deed filing as the authorized signatory of 59 Bogart LLC, while T30 Capital co-founder and managing partner Jeremy Salzberg signed on behalf of the firm.
Commercial Observer also reports that T30 Capital is linked to affiliate Sugar Hill Capital Partners, which bought the property for $39.5 million in 2016 as the predecessor entity. The article says new business, investments, and operations are conducted directly through T30 Capital.
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