East End Capital and KBS are shelling out just under $40 million for Williamsburg’s condo-turned-rental Zazza Residential, a 66-unit building.
The duo told Crain’s that they paid $39.75 million for the building from developer Michael Zazza, who completed the building in 2010 after the previous owners stopped work during the downturn. Originally planned as condominiums, Zazza switched gears and made the building a rental property.
Now, Crain’s reports, the new owners are contemplating shifting the building back to the original condominium plan.
“424 Bedford is poised to benefit from the continued expansion of Williamsburg to the south,” Jonathon Yormak, co-founder of East End Capital, told Crain’s.
The acquisition marks follows the sale of three rental apartment buildings East End owns in Soho for $34 million, according to Crain’s. [Crain’s] — Julie Strickland –