Press Releases

Sills Cummis & Gross Represents LCOR in $169M Sale of Williamsburg Residential Building

May 06, 2015
Sills Cummis & Gross recently represented LCOR, a real estate investment firm, in what has been heralded as one of the largest real estate deals in Williamsburg so far this year, according to Crain’s.    The project, located at 250 N. 10th Street, in the Williamsburg section of Brooklyn, New York sold for $169M and is almost fully occupied.  LCOR bought the development site in 2011 at a bargain recession price of $20M.  The sale was negotiated and consummated in only 30 days.  When asked about the New York real estate market, Steven R. Kamen, Co-Chair of the Corporate Department, who handled the deal for LCOR said, “We are finding that institutional buyers remain bullish on New York City real estate.  I believe we will continue to see, for the remainder of the year, a robust market.”  When asked about the sale, David Sigman, Executive Vice President and Principal at LCOR, told Crain’s, “Interest rates are low and real estate prices are high. We realized now was the perfect time to sell.” [Crain’s]