Empire State Realty Trust (ESRT) has recently acquired two adjacent properties in the highly sought-after neighborhood of Williamsburg, New York. The properties are located at the northeast corner of North 6th Street and Wythe Avenue and were purchased for a total of $26.4 million.
The combined square footage of these properties is 11,000 square feet, which includes 5,600 square feet dedicated to retail space. The average lease term for this retail space is an impressive 7.7 years with six free-market residential units also included in the acquisition.
Funding for this transaction was made possible through a combination of proceeds from a recent non-core asset disposition using a tax-deferred exchange program as well as cash from ESRT’s balance sheet.
According to Anthony E. Malkin, Chairman, President and CEO of Empire State Realty Trust: “This strategic purchase allows us to further expand our already strong portfolio in both the retail and multifamily sectors within one of New York City’s most popular markets.” He went on to say that Williamsburg has experienced significant growth over the last decade with high demand for its prime retail spaces along North 6th Street specifically.
In summary: ESRT continues its expansion into Williamsburg by acquiring two valuable properties totaling $26 million without any mention or reference to Connect CRE or other similar entities such as Connect LA or Texas.
