56 North 9th Street
56 North 9th Street
Williamsburg, Brooklyn
New Construction Mixed-Use Asset in Prime Williamsburg
| Asking Pricing | $77,000,000 |
|---|---|
| Type | Mixed use |
| Neighborhood | Williamsburg, Brooklyn |
| Size | 99,878 SF |
Investment Highlights:
Meridian Investment Sales is pleased to exclusively present for sale 56 North 9th Street, a new construction luxury mixed-use asset located in prime Williamsburg. The property, which is located on the southeast corner of North 9th Street and Kent Avenue boasts 220′ of wraparound frontage and sits across the East River. 56N9 is a full-service building comprised of 45 residential units and almost 40,000 square feet of prime commercial space. The residential units are replete with beautiful white oak flooring, state-of-the-art appliances, 10-12 foot ceiling heights and spacious layouts. The residential portion of the building benefits from a 25-Year 421A which runs until 2043 and was built as an 80/20 deal with 9 of the 45 units set aside for affordable housing. Upon expiration of the 421A and turn of the affordable units, the residential units will be 100% deregulated. The unique and exciting commercial portion of the property spans three floors that benefit from remarkable corner exposure. The ICAP will run for 25 years, significantly mitigating tax risk for the foreseeable future. The tenants at 56N9 represent the culture and essence of Williamsburg’s denizens and were meticulously chosen to serve the neighborhood.
