CPEX is proud to announce the sale of two contiguous commercial buildings located at 110 and 112 North 6th Street in Williamsburg, for a sale price of $5,300,000 — $284 per square foot.
Situated between Wythe Avenue and Berry Street, just three blocks from the Bedford Avenue station on the L train, the two buildings feature 16 units and over 18,000 square feet of combined space.
- 110 North 6th Street is a three-story mixed-use building offering 6,249 square feet among five units.
- 112 North 6th Street consists of 12,580 square feet between 11 units spread over six stories.
Current zoning allows for a combination of residential, commercial, and manufacturing uses. Delivered partially vacant, current retail tenants include Honey, Sweet William, and Go Yoga.
CPEX’s Development & Conversion team and CPEX’s Mixed-Use team sold the buildings, and also procured the purchaser, North 6th Property LLC, in the transaction.
D&C Team Managing Director Sean R. Kelly said the sale “speaks volumes about the supply constraint in the hottest market in the country [because] despite in-place leases with more than five years remaining and below market rents for the retail space, we were able to achieve record breaking prices for mixed-use buildings on a side street.”
Kelly explained that “with scant opportunity for retail expansion along the prime retail corridors of Berry Street and Bedford Avenue, investors recognize that pricing on side streets is sure to improve, reminiscent of the transition we’ve seen in SoHo.”
Mixed-Use Team Managing Director Scott Burk also noted that North 6th Street is a burgeoning retail corridor in Williamsburg, serving as an “east-west gateway” connecting the Bedford Avenue L stop to luxury residential buildings such as The Edge and Northside Piers, and all the retail hubs that go with it (i.e. Smorgasburg and Brooklyn Flea). “This strip has some of the best foot traffic in Williamsburg and we are confident it will continue to develop,” Burk added.
For further information, please contact CPEX at firstname.lastname@example.org, or at (718) 935-1800.