The building at 385 Union Avenue is a microcosm of the Williamsburg real estate market over the last decade. It's designed by Karl Fischer, and it started going up at the peek of the market in 2008. Then, after everything went to crap, the developers defaulted on their loan and sold the building in foreclosure to Madison Realty Capital in 2012. The plan to sell the 47 apartments as condos was dropped, and they were rented instead. Madison Realty wound up selling the building this past June to Sugar Hill Capital Partners, and evidently, Madison spent the last few years emptying the building, as the Real Deal reports that it was vacant when it sold. Now the new owners are hoping that the third time is the charm. The one- and two-bedroom units are back on the market, with rents for the eight available listings ranging from $2,935 to $4,491.
· Listings: 385 Union Avenue [StreetEasy]
· Sugar Hill buys vacant Williamsburg rental building for $37M [TRD]