Eastern Consolidated retained to sell four adjacent walk-up residential properties

Eastern Consolidated has been retained as the exclusive agent to market for sale four adjacent, five-story walk-up residential rental buildings at 12, 14, 16, and 18 Meserole St. in East Williamsburg. The mixed-use, four-building property, measuring 33,500 s/f total, consists of four adjacent five-story walk-up buildings and contains 28 total units. The Property contains 4 triplex penthouse apartments with three bathrooms and the remainder of the apartments consist of 1 and 2 bedrooms with home office units each featuring balconies at the back of the building. The buildings were constructed in 2005. Each of the four buildings has a separate entrance, which are not interconnected. The property is currently 100% leased, with the majority of the units rented at over $40 per s/f, and ground floor/basement duplex units and the penthouse apartments rented for approximately $60 per s/f. Located on the south side of Meserole Street between Union Ave. and Lorimer St., the property is also in close proximity to multiple subway stations, including the G train at Broadway, the J and M trains at Hewes St., and the L train at Montrose Ave. "This offering presents investors with the opportunity to acquire a fully leased and stabilized rental residential property in one of New York City's strongest submarkets that continues to experience tremendous investment and new development," said Gabriel Saffioti, director at Eastern Consolidated, who along with senior director Lipa Lieberman, associate director Nicole Rabinowitsch, and Financial Services Director Gary Meese exclusively represents the seller, The Meserole Project LLC. "The property features strong in-place income, favorable financing that will be assumed by the purchaser, and additional upside on five units that are at least 25% below market rates," said Lieberman. Rabinowitsch further noted that Williamsburg is one of the most popular neighborhoods in Brooklyn and has experienced tremendous growth over the last decade, with both newly arrived residents to New York City and long-time Manhattan residents looking for more value, an easy commute to Manhattan, and to be part of a rapidly gentrifying community. Nearby neighborhood venues include Williamsburg Pizza, Walgreens, the 90th Precinct Police Station, Mountain Province Espresso Bar and Sazon Perez. The area is burgeoning with new small businesses. With the new influx of a young and hip generation of residents, this once immigrant-dominated neighborhood now supports a thriving art community, local indie rock scene, hipster culture and plenty of restaurants and bars while still remaining an enclave for its traditional Jewish, Italian, Polish, and Latino population. In short, the rapid population growth combined with explosive residential and retail development is nothing short of impressive and the neighborhood's evolution has redefined the area. The neighborhood is bordered by Greenpoint to the north, Bedford-Stuyvesant to the south, Bushwick to the east and the East River to the west. Bedford Avenue is the main Williamsburg thoroughfare, which features an L train subway stop and an array of restaurants, bars, boutique retail, gourmet food shops, and galleries along Bedford and the cross streets. A few blocks east, closer to the East River waterfront, Kent Ave. is the principal north/south corridor that is lined with many new residential construction projects and conversions, all of which are in close proximity to riverfront parks, ferry transportation to Midtown, and offer dramatic Manhattan skyline views.