Empire State Realty Trust (ESRT) has recently acquired two adjacent properties in the highly sought-after neighborhood of Williamsburg, New York. The properties, located at the northeast corner of North 6th Street and Wythe Avenue, were purchased for a total of $26.4 million.
Combined, these properties offer 11,000 square feet of space which includes 5,600 square feet dedicated to retail use. With an average lease term of 7.7 years and six free-market residential units also included in the purchase, this acquisition further strengthens ESRT’s diverse portfolio.
The transaction was financed through a combination of proceeds from a recent non-core asset disposition using a tax-deferred exchange as well as cash from ESRT’s balance sheet.
According to Anthony E. Malkin – Chairman,
President and Chief Executive Officer at Empire State Realty Trust – this deal is another strategic move that expands their presence in both retail and multifamily markets within Williamsburg. He also noted that this particular area has experienced significant growth over the past decade making it one
of New York City’s most popular retail destinations.
