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ESRT Adding More Williamsburg Retail for $195M
Empire State Realty Trust (ESRT) said it had agreed to acquire two retail portfolios along North 6th Street in Brooklyn’s Williamsburg neighborhood for a total of $195 million. The two pending all-cash acquisitions continue the REIT’s inroads into Williamsburg retail, following last September’s acquisition of two adjacent properties, also on North 6th Street, for $26 million.
ESRT described one of the portfolios, for which it will pay $103 million, as “five high quality retail storefronts which are 86% leased for a weighted average lease term of 7.5 years.” The properties total approximately 40,000 square feet.
Separately, the company entered into another agreement to acquire an additional prime retail portfolio on North 6th Street for $92 million. Due to confidentiality requirements, ESRT didn’t disclose further details.
“Williamsburg is now among the most popular retail markets in New York City, and North 6th street specifically has seen very significant retail absorption over the last decade,” ESRT chairman, president and CEO Anthony Malkin said last September.
Image courtesy of Empire State Realty Trust.
- ◦Sale/Acquisition
