Richfield properties offloads Hope Street complex.

Kalmon Dolgin Affiliates Inc. has arranged the $14 million sale of the three-building industrial complex located at 53-65 Hope Street in the Williamsburg section of Brooklyn.

The seller, Richfield Properties LLC, comprised of members of the Dolgin Family, acquired the property in 1975. The buyer, Hope Street Realty, LLC, is a private investor who intends to convert the 120,000-square-foot, six story property into residential condominiums.

Neil Dolgin, a principal member of Kalmon Dolgin, said, "The building's proximity to Manhattan via train--just five minutes--the views of the East River and the neighborhood's small town shopping environment have transformed this once proud light manufacturing building into an even prouder loft living property."

Kalmon Dolgin, recalling the acquisition in the mid-70s, added, "To have ever imagined that the Williamsburg/Greenpoint areas of Brooklyn would evolve into one of the hottest residential markets in the City would have elevated you to the status of prophet.

The transformation, a result both of the demise of U.S.-based small manufacturing companies in the metropolitan area, the soaring Manhattan prices, low interest rates and the realization that we are just five minutes by subway or car from midtown, has transformed this industrial center to a wonderful mix of residential buildings."

The concrete and steel buildings, now situated in Williamsburg's Northside Redevelopment Zone, had originally been filled with many types of small manufacturers, mostly apparel firms.