Luxury Boutique Community in Brooklyn Hits the Market
- Dec 05, 2017
Grand Street Development and Kamson Corp. have retained Meridian Capital Group as the exclusive advisor and agent for the sale of their newly constructed Brooklyn Grand, a two-building luxury residential and retail development in Williamsburg. The asking price is $80 million.
The property was completed in 2016 and claims two addresses. The first apartment building is located at 774 Grand St., and includes 64 residential units totaling 74,172 square feet and 10,717 square feet of ground-floor retail. Additionally, the building features 20 percent affordable units that have an average rent of $14 per square foot. The other asset is a 5,876-square-foot walk-up building located at 213 Maujer St., including seven free-market residential units on four floors, averaging $65 per square foot rents. Both buildings are interconnected through an underground garage.
Brooklyn Grand features a series of common-area amenities including:
- Fitness center
- Virtual doorman
- Roof deck with outdoor kitchen and hammocks
- Bike room
- Basement storage
The property features historic warehouse design elements, such as red brick façade, loft-style windows, exposed cement ceilings and modern in-unit finishes. Additionally, 774 Grand St., is a certified NYC Green building and benefits from a 25-year, 421-a tax abatement. Brooklyn Grand is minutes away from the Grand Street L train station and is surrounded by retailers, coffee shops, restaurants, schools, banks and the Grand Street Campus Field.
“Distinct, boutique residential buildings rarely come available in Brooklyn, let alone ones featuring the character, amenities and highly sought after neighborhood that Brooklyn Grand offers,” said David Schechtman, senior executive managing director & head of Meridian’s middle markets investment sales team, in a prepared statement.
In another recent deal, Meridian brokered the sale of a post-war building in Brooklyn, which traded for nearly $18 million.
Images courtesy of Grand Street Development