Empire State Realty Expands Brooklyn Prescence With $195M Purchases
They are retail buildings in Williamsburg.
Empire State Realty Trust is expanding its presence in New York City by acquiring two properties for just under $200 million.
Both purchases were made on retail buildings in Williamsburg Brooklyn, the CRE firm announced in its second-quarter financial report.
The largest deal was located on North 6th Street and cost $103 million. It features 40,000 square feet of five storefronts, which is 86 percent leased. The median lease term is 7.5 years, according to the company.
The other retail building was also purchased on North 6th Street. The cost of the second one was $92 million. Empire declined to share any other details about this particular purchase before it closes due to “confidentiality requirements.”
“These all-cash transactions are consistent with our strategy to recycle capital and balance sheet capacity from non-core suburban assets into strong NYC assets,” the company said in its report.
These aren’t the first two times Empire made an acquisition on North 6th Street to acquire a retail property. Last fall, it closed a deal to scoop up two adjacent buildings on the northeast corner for $26.4 million.
Additionally, the real estate firm owns the Empire State Building in Midtown South, Manhattan.