Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold seven fully occupied condominium units in the iconic One Hanson Place building in Brooklyn, NY for $9.1 million. Senior Executive Managing Director, David Schechtman, Director, Scott Burk, and Managing Directors Lipa Lieberman and Abie Kassin represented the seller and procured the buyer in this transaction.
Built in 1927, One Hanson Place is the former Williamsburg Savings Bank Tower, an iconic 41-story Brooklyn landmark that consists of 196 residential units, 15 commercial condos, and retail space. The seven-condominium portfolio consists of units on both the third and seventh floors of the building that range in size from 994 square feet to 2,174 square feet, spanning 9,947 square feet in total. All seven units are currently being leased to doctors, as One Hanson Place has been a medical hub for decades thanks to its proximity to Atlantic Terminal and the ongoing development transforming the neighborhood. The portfolio is expected to see rent growth over time as the area develops and is benefitting from a 25-year ICIP tax exemption, which will conclude in 2034.
One Hanson Place is located in Downtown Brooklyn across from the Atlantic Terminal—Brooklyn’s premier transportation hub and one of the busiest in all of New York City. Occupying the corner of Hanson Place and Ashland Place, the property is two blocks from Barclays Center and is in close proximity to The Brooklyn Academy of Music, Fort Greene Park, Prospect Park, and a number of prestigious schools and universities. Occupants of One Hanson Place also benefit from immediate access to the B, Q, D, N, R, 2, 3, 4, and 5 subway lines.
“We are pleased to represent the seller, Noyack Medical, and its partners in the sale of these seven occupied doctors’ offices in one of the most iconic and heavily trafficked locations in all of downtown Brooklyn,” said Mr. Schechtman. “The buyer, a private investor, was attracted to the portfolio because of the steady in-place cash flow from current tenants, in addition to the property’s ideal location for continued growth.”
“The portfolio will appreciate nicely as the demand for prime office and medical space continues to grow in the area, thanks to the thousands of new residential units that are exploding around the property,” said Mr. Burk.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com