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ESRT Adds to Williamsburg Retail Portfolio with $46M Deal
Empire State Realty Trust, Inc. acquired a newly constructed, prime retail asset located at 41-55 N. 6th St. in Williamsburg for $46 million at the end of the first quarter. The approximately 22,000-square-foot property, currently vacant, is located between Kent and Wythe avenues near ESRT’s existing 102,000-square-foot portfolio of prime retail assets along North 6th Street.
ESRT also closed on a $53.5-million mortgage on 10 Union Square East, a 58,000-square-foot prime retail asset anchored by a long-term lease with Target. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50-million loan that matured on April 1, 2026.
Ethan Stanton, Michael Mazzara and Brendan Maddigan of JLL represented the seller of 41-55 N. 6th St., which the New York Business Journal reported as an affiliate of Joyland Group. Jordan Roeschlaub, Nick Scribani, Tim Polglase and Niv Shahmoon of Newmark arranged the financing of 10 Union Square East.
Image courtesy of Lantern Holdings.
- ◦Sale/Acquisition
