New York, NY – A rare opportunity to buy into Brooklyn’s hot Williamsburg residential real estate market is available through Eastern Consolidated, now actively promoting the sale of 76-80 Meserole Street, a 49-unit, four-story, 61,000-square-foot multifamily originally developed as a condominium, but now operating as a rental building that is currently 89% leased. The asking price is $38.5 million.
The property is in the very heart of sought-after Williamsburg, only one block from Sternberg Park within four blocks of the L, G, and J/M subway stations.
Eastern Consolidated Executive Managing Director David Schechtman, Senior Director Lipa Lieberman, Director Gabriel Saffioti, Associate Directors Nicole Rabinowitsch and Abi Kassin with Director Financial Services Gary Meese, are marketing the building on behalf of the seller, Cornell Realty Management LLC, a Brooklyn-based commercial real estate and development firm.
“Williamsburg is golden; everyone wants to own property there,” said Mr. Schechtman. “Officially Brooklyn’s hottest sub-market, the neighborhood has eclipsed virtually all of Manhattan’s trendiest, most popular enclaves.” This offering represents an exceptionally rare opportunity to secure a significant foothold in Williamsburg with tremendous upside—in-place rental income, an ability to capitalize on leasing the remaining units at strong market prices exceeding $50 per square foot, and plans are fully completed and ready to re-convert the building to a condominium when the time is right.”
“In addition, the building benefits from a 15-year, 421-A Tax Abatement,” noted Mr. Lieberman who added that the property has a plethora of amenities including a virtual doorman system, an indoor parking garage, storage units, laundry facilities, a tenant lounge and meeting room, fitness center and a furnished rooftop terrace with spectacular Brooklyn cityscape and Manhattan skyline views.
The building features 41 one-bedroom apartments averaging 990 square feet and eight two-bedrooms averaging 1,283 square feet. Twenty-one of the 49 apartments are duplexes.
“As expected, we are already seeing a surge of investor interest in this building,” said Mr. Saffioti, “because of its location and near recession-proof financial options—i.e. to continue its status as a rental property or proceed with condo re-conversion depending on market conditions.
For further information about the sale, please contact Messrs. Schechtman, Lieberman, Saffioti, Kassin, Meese, or Mrs. Rabinowitsch at Eastern Consolidated’s Midtown offices: 212 499-7700.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.