Clipper Equity has successfully completed the sale of a luxury rental property at 130 Hope Street in Williamsburg, Brooklyn, the Commercial Observer has learned. The buyer is New York City-based investment and development company Mann Group, which acquired the building for US$122.5 million, according to brokerage firm Rosewood Realty Group.
The property, which Clipper Equity completed in 2023 and named 'Casa Hope', comprises 150 residential units. One-bedroom apartments in this new development, located just one block east of the Brooklyn-Queens Expressway, are available from US$4,700 per month.
Strong Demand and Tax Abatements
Alex Fuchs of Rosewood Realty Group stated that the sale of 130 Hope Street reflects the strong demand for new construction projects across all boroughs. The property benefits from a 35-year tax abatement under the 421-a programme, which secures low property taxes for buyers for decades on a largely market-rate building. Williamsburg remains one of the most sought-after areas in Brooklyn, according to Fuchs. This is the second new construction sale Rosewood has closed in the neighbourhood this quarter.
Fuchs represented the seller and procured the buyer alongside Aaron Jungreis and Ben Khakshoor of Rosewood. Spokespersons for Clipper and the Mann Group did not immediately respond to requests for comment.
Further Transactions in Williamsburg
The other deal in Williamsburg mentioned by Fuchs was likely the sale of 227 Grand Street from Hutton Capital to Michael Shah's DelShah Capital in early July. This transaction was part of a broader US$127.8 million acquisition of mixed-use residential properties in Williamsburg.
- —Transaction Volume: US$122.5 million
- —Number of Units: 150
- —Tax Abatement: 35 years (421-a)
- —Broker: Rosewood Realty Group
