Brooklyn Loft Asset at 59 Bogart Street Trades for $30 Million
Brooklyn Loft Asset at 59 Bogart Street Trades for $30 Million
A 51-unit multifamily property in East Williamsburg has changed hands in a transaction valued at $30 million. Local investor Jo-Ann Obergfell, utilizing the LLC 59 Bogart, acquired the three-story building from T30 Capital. The sale was facilitated by CBRE, according to property records.
Located at 59 Bogart Street—also known as 315 Seigel Street—the structure was originally an industrial facility before being converted into residential lofts in 2005. The asset sits directly above the L train’s Morgan Avenue station, a positioning that brokers highlighted as a key driver for investor interest. The building features one- to three-bedroom units, alongside amenities such as a gym, bike room, and communal outdoor spaces.
Robert Shapiro and Ian Brooks of CBRE handled the negotiations for the seller. Shapiro noted that the asset drew significant attention due to its transit-oriented location and proximity to major planned development projects, reflecting continued capital demand for value-add properties in active investment markets.
The transaction marks a shift in ownership for the site, which has a history of involvement with T30 Capital’s affiliate, Sugar Hill Capital Partners. Records indicate that the predecessor entity purchased the property for $39.5 million in 2016. All current operations and investments for the site were conducted through T30 Capital, with Managing Partner Jeremy Salzberg signing on behalf of the firm.
Market Context: The sale comes as the broader real estate services sector navigates a fluctuating market. CBRE Group, Inc., the advisory firm involved in the deal, is currently trading at $147.95, reflecting a decline of 3.53% from the previous close. The company maintains a market capitalization of approximately $44.04 billion.
What to watch
- Future redevelopment or renovation plans for the transit-oriented asset.
- CBRE’s upcoming quarterly earnings for insights into brokerage activity trends.
- T30 Capital’s next acquisition or disposition strategy.
Source: original release