Empire State Realty Trust (ESRT) has announced its plans to purchase two retail portfolios located on North 6th Street in Brooklyn’s vibrant Williamsburg neighborhood. The total cost for these acquisitions is $195 million and will be paid in cash. This marks ESRT’s continued expansion into the Williamsburg retail market, following their previous acquisition of two adjacent properties on North 6th Street for $26 million last September.
One of the portfolios, which will be acquired for $103 million, consists of five high-quality retail storefronts with an impressive occupancy rate of 86%. These properties have a combined area of approximately 40,000 square feet and boast a weighted average lease term of 7.5 years.
In addition to this portfolio, ESRT has also entered into an agreement to acquire another prime retail property on North 6th Street for $92 million. Due to confidentiality requirements, further details about this property were not disclosed by the company.
According to Anthony Malkin, chairman and CEO at ESRT: “Williamsburg is now one of the most sought-after markets for retailers in New York City.” He also noted that there has been significant growth in terms or retail activity along North 6th street over the past decade.
Image courtesy: Empire State Realty Trust.
