Brooklyn Residential Building Sold for $30 Million
The 51-unit property in East Williamsburg was sold through CBRE for $30 million.
Updated on Sept. 24, 2026 in Commercial
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CBRE finalized the $30 million sale of 59 Bogart St. in Brooklyn. The residential building is located in East Williamsburg directly above the Morgan Ave. L train station.
Why it matters
The property serves as a prime example of transit-oriented development, holding value due to its direct proximity to public transportation and future local projects. Its strategic position makes it a key asset for investors in the evolving East Williamsburg landscape.
The property at 59 Bogart St. features 51 residential units within an industrial loft structure. It was originally converted for residential use in 2005.
The players
CBRE
CBRE is a global commercial real estate services and investment firm that managed the transaction for 59 Bogart St.
Robert Shapiro
Robert Shapiro is a real estate professional who represented the seller and procured the buyer for this transaction.
Ian Brooks
Ian Brooks is a real estate professional who worked alongside Robert Shapiro to facilitate the sale of the building.
The details
The building sits at a highly accessible location directly above the Morgan Ave. L train station, offering significant transit convenience. Proximity to upcoming developments, such as the proposed Echelon Studios film production facility, continues to draw interest to the site.
Timeline
The building was converted to residential units in 2005.
CBRE completed the sale of the property on September 24, 2026.
Culture Shift
The property follows the established pattern set by the ongoing transit-oriented development trend in Brooklyn. This shift reflects a wider movement where residential demand is increasingly tied to immediate subway proximity and proximity to new creative hubs.
Residents in the building may see shifts in property management following the ownership change. For potential renters in East Williamsburg, this sale underscores the continued high valuation of properties located near the L train line.
The takeaway
Real estate investors continue to prioritize assets that offer direct connectivity to city transit hubs in developing neighborhoods. This sale highlights how infrastructure access remains a primary driver for property valuation in New York City.
Further reading
For more on market trends, visit the Commercial section.
Source note: This article includes information reported by NYREJ.
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