Bold New York leases 50 North First Street; 46-unit mid-rise building

Bold New York, the full-service real estate consulting and brokerage firm, has completed the lease-up of 50 North First St. (the Property) in the North Williamsburg section of the city. The 46-unit rental, located at North 1st St. between Kent Ave. and Wythe Ave., is comprised of one and two-bedroom apartments. The building also offers two-bedroom penthouse apartments with large terraces and views of Midtown Manhattan and three-bedroom penthouse apartments with large terraces and views of Downtown Manhattan. "Going in we had little doubt that 50 North First would be well received. It's a beautifully crafted, mid-rise building in a one-of-a-kind neighborhood," said Jordan Sachs, president of Bold New York. "We were rather bullish on the rents, however, and I am pleased that we were able to secure, on average, $65 per s/f." Bold acted as exclusive leasing and marketing agent at the Property, which was developed by Largo Investments, the developer behind several other successful Williamsburg developments, including 111 Kent Ave., 349 Metropolitan Ave. and the soon-to-be-complete 281 Union Ave. The partnership also included Property Markets Group, JDS Development Group and ABR Chesapeake Fund IV, a value-add real estate fund sponsored by Alex. Brown Realty, Inc. The Property was designed by MDIM. The seven-story building offers residents a gym, in-building parking, and a variety of landscaped outdoor spaces, both common and private. With just 46 apartments, serviced by 2 elevator banks, 50 North First was designed as a Luxury building with a boutique feel. Apartments at the Property feature wide plank oak flooring, floor-to-ceiling windows and central heating and cooling. Kitchens are equipped with Fisher&Paykel appliances and bathrooms offer finishes by Kohler and Duravit. Each home is also equipped with a Bosch washer and dryer. Many of the apartments have incredible views of the Manhattan skyline. "Williamsburg is no longer just a place to live, it has become a destination," added Sachs. "It seems clear that quality product will continue to post price per square foot gains that many of us couldn't have imagined just a few years ago."