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ESRT Buys Two Williamsburg Properties for $26M
Empire State Realty Trust (ESRT) has acquired two adjacent properties at the northeast corner of North 6th Street and Wythe Avenue in Williamsburg for $26.4 million.
These properties have a combined square footage of 11,000 square feet, including 5,600 square feet of retail space with an average lease term of 7.7 years and six free-market residential units. The acquisition was funded through a combination of proceeds from a recent non-core asset disposition in a 1031 tax-deferred exchange and cash from ESRT’s balance sheet.
“This transaction further expands our retail and multifamily portfolios with properties that are well-located in the heart of Williamsburg. 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,” stated Anthony E. Malkin, Empire State Realty Trust’s Chairman, President, and Chief Executive Officer.
- ◦Financing
