Brooklyn Residential Building Sold for $30 Million
The 51-unit apartment building in East Williamsburg was recently purchased for $30 million.
Updated on Sept. 24, 2026 in Commercial
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The residential building at 59 Bogart St. in East Williamsburg sold for $30 million. The property features 51 residential units and is situated directly above the Morgan Ave. L train station.
Why it matters
The property's value is driven by its transit-oriented location and its proximity to major planned development projects. Specifically, the site sits near the proposed Echelon Studios film production facility.
The transaction involved a $30 million sale price for the 51-unit property at 59 Bogart St. in Brooklyn. The building functions as a residential asset following its 2005 conversion from an industrial loft.
The players
CBRE
A global commercial real estate services firm that provides property management, sales, and investment consulting.
Robert Shapiro
A real estate professional who represented the seller and procured the buyer for the 59 Bogart St. transaction.
Ian Brooks
A real estate professional who co-represented the parties involved in the sale of the Brooklyn residential building.
The details
The property at 59 Bogart St. occupies a high-value transit-oriented footprint directly above the Morgan Ave. L train station. Following its conversion from an industrial loft space into residential units in 2005, the building now serves as a multi-family asset. Sales representatives Robert Shapiro and Ian Brooks facilitated the transaction, acting for both the buyer and the seller in the deal.
Timeline
2005: The building was converted from an industrial loft to residential units.
September 24, 2026: CBRE completed the sale of the property for $30 million.
The Home Front
The conversion and sale of 59 Bogart St. reflect a broader urban trend of repurposing industrial infrastructure into transit-oriented residential housing. This shift highlights how proximity to major transit hubs and new commercial developments influences property values in established neighborhoods.
If you are a tenant in a building undergoing ownership changes, verify that your current lease terms and security deposit protections remain in effect. Consider checking public property records if you have questions regarding the new management or owner of your residential building.
The takeaway
Large-scale commercial property sales can signal future neighborhood shifts, particularly in transit-heavy areas. Tenants should always maintain a copy of their original signed lease agreement whenever a property ownership change occurs.
Further reading
For more information on market trends affecting multi-family properties, visit Commercial.
Source note: This article includes information reported by NYREJ.
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