JLL Capital Markets announced that it has arranged the $24.1 million sale of a newly developed boutique commercial building at 75 N 7th St. in the Williamsburg neighborhood of Brooklyn.
JLL marketed the site on behalf of the seller, Largo Investments, a private real estate development and investment firm founded by Nissim Ben-Nun and Nicholas Werner. The real estate services firm also represented the buyer; a private family-office based in California.
One of only a handful of newly constructed, Class A boutique office and retail buildings in Williamsburg, the 21,150 rentable-square-foot 75 N 7th St. is fully occupied and anchored by an A1 credit tenant. It features ceiling heights of up to 19.6 feet, a virtually column-free interior, 75 feet of frontage on North 7th St. and 7,000 square feet of outdoor space that includes a landscaped terrace and a roof deck.
Developed by Largo Investments, the property has a prime location at the epicenter of Williamsburg and remained fully leased during the pandemic. The building is surrounded by a range of eclectic dining and shopping options along the North 7th St. retail corridor, which has enjoyed a surge of activity as remote work has kept many residents home and seeking nearby entertainment in the popular neighborhood.
The JLL Capital Markets team that arranged the transaction was led by Managing Director Ethan Stanton, Senior Managing Directors Stephen Palmese and Brendan Maddigan, Managing Directors Winfield Clifford and Michael Mazzara, Director Alex Geonakos and Associate Connor McCullough.
“The sale of 75 N 7th Street is a great example of the private capital investors seeking the highest quality of assets during a time of macro volatility,” said Stanton. “The property is anchored by a globally recognized credit-tenant and is located in prime Williamsburg, which is one the strongest performing submarkets in the country.”
According to JLL’s most recent Global Real Estate Perspective, the first quarter of 2022 was the most active first quarter for investment sales on record. Investors remain focused on portfolio diversification and are aligning investment strategies to longer-term economic and demographic shifts.