A new apartment building in the hot Williambsurg neighborhood has hit the market for sale.
A team from Eastern Consolidated is asking $38.5 million for 76-80 Meserole Street, a 49-unit, four-story, 61,000 s/f multifamily originally developed as a condominium, but now operating as a rental building that is currently 89% leased. The property is one block from Sternberg Park within four blocks of the L, G, and J/M subway stations.
Executive managing director David Schechtman, senior director Lipa Lieberman, firector 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 Schechtman. “Officially Brooklyn’s hottest sub-market, the neighborhood has eclipsed virtually all of Manhattan’s trendiest, most popular enclaves.”
According to Schechtman, the offering offers the buyer an ability to capitalize on leasing the remaining units at strong market prices exceeding $50 per square foot.
“Plans are fully completed and ready to re-convert the building to a condominium when the time is right.”
Lieberman noted the building benefits from a 15-year, 421-A Tax Abatement and 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 s/f and eight two-bedrooms averaging 1,283 s/f. Twenty-one of the 49 apartments are duplexes.
“As expected, we are already seeing a surge of investor interest in this building,” said 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.”
