Brooklyn, NY Asset Commercial Realty Group (AssetCRG) and ONE Commercial Realty Services (ONE-CRS) has procured the buyer, Bronstein Properties who went into contract on 456 Grand St. in the Williamsburg neighborhood on a co-exclusive basis for $43.5 million. The firm is adding to its rental portfolio with this property.
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ONE Commercial Realty Services
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ONE Commercial Realty Services
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Asset Commercial Realty Group
The site is currently owned jointly by AB Capstone and RJ Capital Holdings. The sale is expected to close in early 2018.
The subject is a new construction six-story elevator building comprising 57,500 s/f through 52 rent-stabilized residential units and two retail tenants. The residential units boast condo quality finishes, including oak hardwood flooring, floor to ceiling windows, private balconies and terraces and individually controlled heat & central A/C. The units also have stainless steel kitchen appliances and fully tiled bathrooms. The building includes a fitness center, bike storage, an on-site 17,500 s/f parking garage, virtual doorman, two common roofs for tenants to enjoy, laundry room, and solar panels that power all common spaces.
“With excellent rents for the area and best-in-class construction, new ownership is well positioned to benefit from the ongoing appreciation expected in Williamsburg,” said ONE-CRS’s Josh Lipton.
“The upcoming sale of 456 Grand St. is very exciting and a tremendous early transaction for ONE Commercial in the Brooklyn market and just the beginning of things to come for the company,” said David Chase, the president of ONE-CRS.
“The sale of this asset speaks to the ongoing optimism investors have with regards to key sub-markets in Brooklyn,” said AssetCRG’s managing principal, Michelle Abramov. “AssetCRG is very active in this submarket and immediately identified the value-add component of this building through its below market retail rents and possible future condo conversion.”