ING Clarion Partners acquires 44 Berry Street for $27 million

ING Clarion Partners has acquired 44 Berry St. in the Williamsburg neighborhood for $27 million. The property, a 54,000 s/f, six-story, 42-loft unit apartment building includes six retail businesses on the ground floor and is fully leased. Originally constructed as a warehouse in 1919, the building was fully renovated in 2009 as a residential property, including restaurants and other retail establishments. "Just 30 minutes from Midtown Manhattan by subway, Williamsburg is a highly desirable location," said Edward Rotter, managing director at ING Clarion. "The building itself is only a few blocks from the East River waterfront and East River State Park, and one block from the boutiques, galleries, restaurants and bars of Bedford Ave." The 44 Berry St. property benefits from generally low vacancy rates in the area, currently averaging 2.7%, and average annual effective rent growth of 4.7%. The infill location of the building provides high barriers to entry within the sub-market. Amenities to be found at 44 Berry Street include a fitness center, laundry room and a 4,600 s/f communal rooftop terrace with views of the Manhattan skyline. Updated systems in the building include all new mechanicals and windows, a new elevator and individually metered apartments.