Eastern Consolidated has been retained as the exclusive agent to market for sale The Lee Estate Portfolio, a 17 property assemblage in the heart of Williamsburg, Brooklyn.
The Lee Estate represents one of the largest number of lots ever offered simultaneously for sale in the neighborhood’s history. Benjamin Tapper and Adelaide Polsinelli, both Senior Directors at Eastern Consolidated, exclusively represent the estate.
Comprised predominantly of retail and residential properties, this collection of buildings and vacant lots is situated within a two-block radius formed by North 7th Street, North 6th Street, Berry Street, and Kent Avenue.
Highlights of the opportunity include three prime, corner retail buildings, 300 total feet of retail frontage along North 6th Street, a total of nine retail units, with tremendous upside in the rents.
There is significant and highly under-valued retail in this portfolio. including 10,000 square feet of vacant contiguous ground floor retail space on North 6th Street (plus lower level space), which can easily be subdivided or leased to a single tenant.
The residential portion of the portfolio consists of 22 apartments, which are primarily on short term free-market leases, significantly below market value.
The units are well-maintained and many include private outdoor spaces. The portfolio also includes three professional spaces.
In total, the portfolio contains approximately 64,000 square feet of existing square feet, as well as 35,000 square feet of additional air rights without inclusionary housing, or 62,000 square feet with inclusionary housing.
“This historic offering provides investors with tremendous upside on the retail component alone,” Polsinelli said. “National retail stores are coming to the neighborhood including Whole Foods, Starbucks, J Crew, and Apple’s first Brooklyn location. Other major national and local retailers will surely follow.”
The portfolio is also ideally located near retail shops, eateries, and health facilities, such as Joe Fresh, American Apparel, Juice Generation, The Meatball Shop, Sweetgreen, SoulCycle, and New York Sports Club, among others.
The properties are directly accessible via the Bedford Avenue L subway.