Local real estate investor Jo-Ann Obergfell has acquired a 51-unit residential complex in East Williamsburg, Brooklyn. Obergfell, operating via the LLC 59 Bogart, which is linked to an address in Brooklyn, purchased the property at 59 Bogart Street from T30 Capital for USD 30 million. This is according to property records and information from broker CBRE.
The three-storey property, originally used as an industrial building, was converted into residential lofts in 2005. Located above the L-line's Morgan Avenue Station, the property offers one- to three-bedroom apartments, as well as a lounge, a gym, a bike room and communal outdoor areas for residents, as reported by CBRE.
High Demand for Value-Add Properties
Robert Shapiro of CBRE, who negotiated the transaction with Ian Brooks, commented on the high demand: "We saw tremendous interest in this asset, as investors continue to seek value-add properties in active investment markets." He added that the property garnered significant investor interest due to its convenient location, recent residential conversion, and proximity to major planned development projects.
Jo-Ann Obergfell, who served as president of Ellio’s Pizza and G.A. Productions, was not available for comment. She signed the deed filing as an authorised signatory for 59 Bogart LLC. Jeremy Salzberg, co-founder and managing partner of T30 Capital, signed on behalf of his company. He listed the company's main office as the mailing address for the shell company 59 Bogart Owner and also signed for two other organisations listed as sellers.
Transaction History
T30 Capital is associated with the affiliated entity Sugar Hill Capital Partners, which acted as the predecessor company for the property ownership. Sugar Hill Capital Partners had acquired 59 Bogart Street, also known as 315 Seigel Street, in 2016 for USD 39.5 million. All new business, investments, and operational activities are now handled directly through T30 Capital.
- —Transaction volume: USD 30 million
- —Property address: 59 Bogart Street, East Williamsburg, Brooklyn
- —Buyer: Jo-Ann Obergfell (via 59 Bogart LLC)
- —Seller: T30 Capital
