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Jones Lang LaSalle (“JLL”) has been exclusively retained to facilitate the sale of 247 North 7th Street, Brooklyn, NY (the “Property”), a seven-story, 169-unit, luxury multifamily building located in the heart of the Williamsburg submarket. The Property, delivered in 2015, is the beneficiary of two 421-A tax abatements (lot 28: 15-years / lot 10: 15-years) that expire in 2027 and 2031, respectively. Upon expiration, the asset will be entirely free market allowing for mark-to-market rent increases.
The Property offers a two-block walk to the Bedford L train stop and Bedford retail corridor. Williamsburg’s restaurants, nightlife, open green spaces, waterfront parks, and hotel rooftops substantially differentiate it from the other Brooklyn neighborhoods. 247N7 represents a rare opportunity for an investor to acquire an attractive asset with significant upside in a highly sought-after submarket and a double digit cash-on-cash return in year one.
- Attractive Today / Upside Later: Unit and amenity finishes, while competitive today, will provide an owner the opportunity to renovate upon the expiration of the shorter 421-A abatement for a further mark-to-market.
- Remaining 421-A Abatement Term: Lot 10 is the beneficiary of a 15-year abatement with 9.5 years remaining. Lot 28 is the beneficiary of a 15-year abatement with 5.5 years remaining.
- Fair Market Exit Potential: The expiration of the 421-A abatements bolster significant value by permitting free market rent increases and future sale as a free market building.
- Unique Outdoor Space: The property uniquely offers two rooftop terraces, a 13,000 SF courtyard, and numerous units with balconies and/or private terraces, all of which are very enticing amenities to renters leaving Manhattan.
- Streamlined Access Across Manhattan: The Property offers a 25-minute subway ride to major employment centers including Union Square, Midtown South, and Midtown.
- Walkable Neighborhood: Within 10 minutes, tenants can access the L and G trains, Whole Foods and Trader Joe’s, Michelin starred restaurants, McCarren Park, various clubs and bars, and the Bedford Avenue retail corridor.
- Asset Performance: Resilient performance through the pandemic maintaining over 90% occupancy with in-place occupancy at 96%.