175 Kent Ave. Sells for $76M; LaGuardia Could Get New Terminal Building

January 6, 2012

By Veronica Grecu, Associate Editor A high-end rental property located at 175 Kent Avenue in Williamsburg, Brooklyn, was sold to Chicago-based Equity Residential for $76 million, reports Crain’s New York Business. The building was completed in 2011 by the Chetrit Group [...]

By Veronica Grecu, Associate Editor

A high-end rental property located at 175 Kent Avenue in Williamsburg, Brooklyn, was sold to Chicago-based Equity Residential for $76 million, reports Crain’s New York Business. The building was completed in 2011 by the Chetrit Group and includes 113 luxury condo units that were marketed as rentals by Aptsandlofts.com.

With rents ranging from $2,343 for a studio and $3,413 for a two-bedroom unit, the building rented out quickly. Consequently, the Chetrit Group’s decision to sell came as a surprise, given the high level of occupancy. According to Crain’s, one of the reasons could be the fact that, for a developer, renting units is less profitable than selling them.

In further real estate news, the outdated Central Terminal Building at LaGuardia Airport could be replaced by a new facility. According to The Wall Street Journal, the Port Authority of New York hasn’t revealed any official plans yet, but it is seeking proposals from financiers, consultants and developers who could start the construction as early as 2014. Estimated to cost around $3.6 billion, the work would take place in three phases, as the terminal would have to operate during construction. It could be completed by the end of 2021.