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HOME FOR HIPSTERS
May 16, 2011
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| Fuggedabout Brooklyn? Not ING Clarion Partners. The real estate investment management firm last week purchased 44 Berry St in Williamsburg from Cayuga Capital Management for $27M. The six-story, 54k SF property has 42 loft apartments, six retailers on the ground floor, and is fully leased. The building was originally built as warehouse in 1919, and was fully renovated in ’09 as a residential property. Not only is 44 Berry adjacent to McCarren Park and a short walk from the L train, but it benefits from Brooklyn’s generally low multifamily vacancy rates (2.7%) and an average annual effective rent growth of 4.7%. Keystone Realty Capital was the seller's financial advisor. |
