The 130-unit residential building acquired by World Wide Group for $103 million is the priciest sale of a rental property in the history of Greenpoint.
The six-story, 185,000-square-foot property at 110 Green Street purchased by World Wide Group from Meadow Partners is worth just over $550 per square foot. It is the first residential deal to cross the $100 million mark in the neighborhood, according to The Real Deal.
It was in 2007 that developer Joel Schwartz broke ground on the site, with plans for a condominium tower located between Franklin Street and Manhattan Avenue. The project was financed by Canyon-Johnson Urban Funds, a partnership between NBA legend Magic Johnson's Johnson Enterprises and Canyon Capital Realty Advisors. But when the deal failed to take off, Schwartz filed for Chapter 11 bankruptcy protection and chose to develop the building as a rental tower. In 2009, it received a certificate of occupancy.
The property was bought for $58.2 million by a group of Brooklyn investors, including Joseph Brunner, Chaim Gross and Martin Friedman, through a bankruptcy auction. The investors then sold it in 2013 for $72 million to Meadow Partners.
Meadow Partners then opened a roof deck and upgraded some areas. They also increased monthly rents to an average of $4,000 up from $3,400. The amenities of the building include a gym, an indoor pool and a sauna.
The World Wide Group has an overriding objective to offer consumers high quality products. That philosophy guided their efforts in the import/export business in the 1940s and '50s. That drove their automotive group, which began in 1954 as the first American distributor of Volkswagen which grew to include Porsche, Audi, Renault, Peugeot and Michelin Tires, and it continues to define their efforts.
The first real estate projects of World Wide were industrial and retail facilities, which served the needs of their automotive businesses. Today, the company is now focusing on high-rise luxury residential properties.