Empire State Realty Trust, Inc. has expanded its New York City retail holdings with the acquisition of a newly constructed property on North 6th Street in Williamsburg and the refinancing of existing debt at 10 Union Square East. The company acquired the prime retail asset at 41-55 N. 6th St. in Williamsburg for $46 million at the end of the first quarter.
The Williamsburg property totals approximately 22,000 square feet of retail space and is currently vacant. It sits between Kent and Wythe avenues, positioning it along a key retail corridor in the neighborhood. The asset is also located near Empire State Realty Trust’s existing 102,000-square-foot portfolio of prime retail properties along North 6th Street, further consolidating the firm’s presence in that corridor.
In a separate transaction, Empire State Realty Trust closed on a $53.5 million mortgage secured by 10 Union Square East, a 58,000-square-foot prime retail asset. The property is anchored by a long-term lease with Target, providing a national credit retailer as the lead tenant. The new loan has a 10-year term, is interest-only, and carries a fixed interest rate of 5.3%.
The $53.5 million mortgage replaces a prior $50 million loan on 10 Union Square East that reached maturity on April 1, 2026. By closing the new financing, Empire State Realty Trust extended the debt maturity on the property while modestly increasing the loan amount and locking in a defined borrowing cost for the next decade.
On the investment sales side of the Williamsburg acquisition, Ethan Stanton, Michael Mazzara and Brendan Maddigan of JLL represented the seller of 41-55 N. 6th St. According to reporting by the New York Business Journal cited in the announcement, the seller was an affiliate of Joyland Group.
For the financing of 10 Union Square East, debt advisory services were provided by Newmark. Jordan Roeschlaub, Nick Scribani, Tim Polglase and Niv Shahmoon of Newmark arranged the new mortgage loan for Empire State Realty Trust.
The image associated with the announcement is credited to Lantern Holdings. The transactions collectively underscore Empire State Realty Trust’s continued activity in New York City retail, combining acquisition of vacant but well-located space in Williamsburg with long-term financing on a Union Square property anchored by a national retailer.
