April 25, 2018
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold three contiguous mixed-use buildings containing luxury apartments and prime retail space in Brooklyn, NY for $22.5 million. Senior Executive Managing Director, David Schechtman and Managing Directors, Lipa Lieberman and Abie Kassin, represented the seller, and procured the buyer, a private family via a 1031 exchange, which was advised by Steven Dweck of Marcus & Millichap. Meridian Vice President, Shamir Seidman, arranged $12 million in financing for the acquisition. The loan closed in under 30 days with a local savings bank.
“The property features prime retail and is located on one of the best corners in Williamsburg, at the intersection of Kent Avenue and North 7th Street, which capitalizes on many of the favorable trends in the area while also remaining true to the original aesthetic of the neighborhood,” said Mr. Lieberman.
Located at 119-123 Kent Avenue in the heart of Brooklynâ€™s Williamsburg neighborhood, the three mixed-use properties contain 17 luxuriously renovated apartments and three valuable ground-floor retail units with high ceilings. During the recent renovation process, all apartments were converted to feature at least two bedrooms, high-end finishes, washers and dryers, spacious common areas, and natural light. Residents of the buildings benefit from an unencumbered view of the Manhattan skyline in addition to a central location in the heart of the neighborhood, adjacent to notable destinations including the world-renowned Smorgasburg weekly food festival, Brooklyn Bowl, Brooklyn Brewery, and the Wythe Hotel. The properties are also easily accessible via the L train at the Bedford Avenue station and the G train at the Metropolitan Avenue station.
Williamsburg has undergone tremendous transformation in the past decade to become a global destination known for its trendy restaurants, chic shops and extensive entertainment options. Located directly on the waterfront just east of Lower Manhattan, the neighborhood has a population of approximately 130,000 residents and has experienced the largest rent growth of any single neighborhood across all of New York City in recent years, with significant demand for new luxury housing leading the surge. Home to an esteemed arts culture, vibrant nightlife, and world-renowned cuisine, the neighborhood has progressed into a one-of-a-kind, authentic environment for residents and visitors alike.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com