Soonbin Kim has acquired 331 Keap Street in Williamsburg from Icon Realty Management for $15.5 million. The multi-family property spans 21,740 square feet, and contains 36 apartments (15 are stabilized).
Be Smart: Sources confirmed that the property traded at a 4.6% cap rate, and 17 times the rent roll. This deal was part of Kim’s 1031 exchange from his sale of 45-47 West 8th Street for $16 million.
Flashback: Icon paid $6.5 million for the property in 2013. The seller subsequently renovated 21 free-market units.