Witnick Real Estate Partners has cashed out of a 43-unit apartment building at 525 Union Avenue in Williamsburg, selling the five-story walk-up to Ben-Josef Group Holdings for $38 million. The deal caps a notably quick flip for a property that only entered Witnick's portfolio in 2023.
The buyer, Ben-Josef Group Holdings, grabbed the 43-unit building as part of a broader push to bulk up in Brooklyn, according to Crain's New York Business. Crain's reports the transaction closed this week at $38 million.
Witnick acquired the property in mid-2023 for roughly $26.8 million, according to property records and reporting by PincusCo. The building spans about 64,650 square feet across five floors and was built in 2007, putting it on the newer end of Williamsburg's rental housing stock.
Buyer Is Building A Brooklyn Footprint
Ben-Josef has been active across Brooklyn, scooping up multifamily properties from Boerum Hill to Brooklyn Heights, according to Commercial Observer. The firm's recent moves point to a clear strategy: lean into stabilized rental buildings rather than take on riskier ground-up development.
What The Numbers Show
At $38 million, the sale works out to about $884,000 per unit and represents roughly an $11.2 million jump from Witnick's 2023 purchase price, a notable spread for such a short hold. Those figures are based on the sale price reported by Crain's New York Business and the 2023 acquisition price reported by PincusCo.
What's Next
It is not yet clear whether Ben-Josef plans to reposition the building, move ahead with renovations, or simply keep it stabilized as rental housing. Any significant changes should surface in Department of Buildings filings or updated ownership records tied to the address.
For Williamsburg residents and local investors, the trade is another sign that money is still chasing well-located Brooklyn rentals even as the wider market cools. Watch for new permits and recording updates to see what the new owner does with its latest Union Avenue asset.
