Property of the Month: AARE's 53 Broadway: A 75-unit rental building with a 10,000 s/f retail component

In just four weeks since hitting the market, 53 Broadway, a 75-unit new rental building located in South Williamsburg - developed and owned by Adam America Real Estate (AARE), a New York City-based real estate development group in partnership with The Horizon Group - has leased over three-quarters of its available apartments. Adam America, an active developer in the residential multifamily market in New York City neighborhoods, is particularly adept at identifying unique investment opportunities and manages all phases of development from financing through construction and sales. "We truly believed in this location as Williamsburg's next hot spot," said Omri Sachs, co-founder of the company, along with Dvir Cohen Hoshen. "A key philosophy of our development strategy is to seek out and invest in properties in neighborhoods on the verge of a major boom." Sachs said that the immediate draw to 53 Broadway from renters, 75% of whom came from Manhattan, solidifies the fact that South Williamsburg, especially near Broadway and along the waterfront, is prime for growth and a very sought-after place to live. The seven-story building, comprised of studios, one-bedrooms, some of which have dens, two-bedroom apartments, and one three-bedroom home, brings a new level of sophistication to rental homes. Apartments feature accommodating layouts, high-end finishes and custom design elements including exposed concrete columns and natural hardwood floors. Every apartment also offers an individually controlled heating and cooling system, spacious closets, and an in-home Asko washer and dryer, including studios. Some homes also include private outdoor terraces. Common areas such as the building's thoughtfully-crafted lobby, which offers a unique library lounge and communal work area with free WiFi, create engaging spaces that encourage socializing and a sense of community. Other amenities include a contemporary fitness center, a gaming room with billiards, and a common roof deck with stunning views of the Williamsburg Bridge, and lower Manhattan city scape. The building also includes four retail spaces totaling over 10,000 s/f. With high ceilings, large windows and frontage along Broadway and Wythe Ave., the space is ideal for a variety of retail uses including restaurants, banks, specialty grocery stores, fitness/training centers and more. Located two blocks from the waterfront, 53 Broadway is in close proximity to the culture, dining and nightlife that has made the Williamsburg such a coveted place to live, but set on a quiet street affording privacy and comfort. 53 Broadway is the newest addition to Adam America's growing portfolio which includes 570 rental apartments, 115 condo units and 30,000 s/f of commercial space. To date, Adam America has invested $130 million into 12 multifamily buildings, four others of which have been completed including 450 Amsterdam Ave., 157 West 106th St., 157 Suffolk St. and 65 North 6th St. Also in Williamsburg, the company is currently developing two additional rental residences, located on North 7th St. and North 8th St., totaling 169-units.