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Deals & Dealmakers

Avison Young lists co-living development, Williamsburg House, for $65 million

Avison Young has been exclusively retained to represent 186 N 6 Owner, LLC. for the sale of Williamsburg House, a fully free market re-development at 186 North 6th Street and 165 North 5 th Street in Brooklyn. The 60,000-square-foot (sf), two-building, flagship property is listed for sale at $65 million and was formerly the home of the Boricua College. Thoughtfully renovated and adding nearly 9,000 sf the developers completed the class A project in October 2020., Williamsburg House offers flexibility in use as traditional class A elevator(s) building as a multifamily, flagship co-living, and/or student housing.

The seller, 186 N 6 Owner, LLC., is represented by David Shalom, Director, with support from James Nelson, Principal and Head of Tri-State Investment Sales; Brandon Polakoff, Principal, Executive Director of Tri-State Investment Sales; Fritz Richter, Director; and Noa Kossoff, Associate Director, all based in Avison Young’s New York City office.

“This is a rare opportunity to acquire a beautifully-renovated fully free-market residential property in the heart of one of the best neighborhoods in NYC,” said Shalom. “There is no shortage of tenant demand, representing immediate upside in cash flow.”

The property is managed by Outpost Club and is surrounded by tree-lined streets, cafés and local eateries, and destination shopping. All the units are free-market and set up as four bedrooms, two-bathroom apartments with high ceilings, state-of-the-art appliances, individual HVAC units, and keyless entry. Eight of the ground-floor units in the main building duplex down to the lower level and six of those offer private outdoor space and loft style arrangements. The property also boasts building amenities including a fully furnished 6,000 sf rooftop deck with 360-degree views of the Manhattan skyline, barbecue grills, outdoor shower, hammocks, lounge chairs, and worktables, as well as a laundry café, game room, event space, and screening room.

“Our team built this flagship location as the best in its class for co-living,” said David Dweck, Managing Principal, Founder, Duke Equities, LLC. “Our concept and careful attention to detail within the building itself has been well received by the market,” added Steven Ancona, President, Flatiron Real Estate Advisors.

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