Commercial Real Estate Directs Staff
Gershon & Co. is offering for sale 55 Hope St., a 117-unit upscale apartment building with 6,200 square feet of retail space in the Williamsburg neighborhood of Brooklyn, N.Y.
The New York company has hired Cushman & Wakefield to market the four-year-old building, which could sell for $95 million, or about $805,085/unit.
The building's apartment units are 97 percent leased, while its retail space is fully leased by restaurant Momofuku Milk Bar. Units include plank oak floors, stainless-steel appliances and washers and dryers, as well as areas for a home office.
The six-story building, between Marcy and Havemeyer streets, has units that average 822 sf and up to two bedrooms each.
Cushman is pitching the property, which only has market-rate units, as an opportunity for a condominium conversion where units could fetch, on average, $1,500/sf, or $1.2 million.
The building's monthly rents, meanwhile, average $3,491, which is about 15 percent below Williamsburg's rents.
It includes a fitness center, a landscaped 8,500-sf rooftop deck, 50 storage units and 17 parking spaces. The property's lobby has bamboo gardens.
It sits on the site of a 109-year-old pencil factory that Gershon had acquired in 2010 for $17 million. The company then spent another $40 million converting the warehouse into apartments, according to the Brownstoner.
The 55 Hope building serves as collateral for a $38 million loan that TIAA-CREF provided in 2013.
Gershon, led by Jeffrey Gershon, develops and owns apartment and condo properties in New York City. Its other developments include an office building at 181 Sullivan St. in Manhattan that was converted into residential condos.
Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.
“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:
- Breaking mortgage, CMBS, and REIT news
- Quarterly league tables with rankings of B-piece buyers, book runners, and lenders
- Industry moves and changes in “The Insider“