Carlyle Group & Z+G Property Group Buy Williamsburg Rental Building for $98M

Carlyle Group & Z+G Property Group Buy Williamsburg Rental Building for $98M

The Carlyle Group and Z+G Property Group have jointly acquired 8 Marcy Ave, an eight-story luxury rental building in Williamsburg, Brooklyn for $97.5 million. Developed by Prospect Development, the 123 unit property consists of market-rate and affordable apartments which were fully leased within three months as well as two commercial units that are also occupied. JLL represented the seller with a team led by Ethan Stanton along with Jeffrey Julien, Brendan Maddigan, Stephen Palmese Rob Hinckley Michael Mazzara Winfield Clifford Steven Rutman and Jay Leshinsky while Invesco Real Estate provided acquisition financing of $73.6 million to the buyer group.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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