NEW YORK, NY – May 12, 2011 – (RealEstateRama) — ING Clarion Partners, a leading real estate investment management organization, has acquired 44 Berry Street in the Williamsburg neighborhood of Brooklyn for $27 million, it was announced today. The property, a 54,000 square foot, six-story, 42-loft unit apartment building includes six retail businesses on the ground floor and is fully leased.
Located at the intersection of North 11th St. adjacent to McCarren Park, 44 Berry Street is roughly a five-minute walk to the Bedford Avenue L Station, and just one subway stop away from Manhattan. 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 Avenue.”
The 44 Berry Street property benefits from generally low vacancy rates in the Brooklyn area, currently averaging 2.7 percent, and average annual effective rent growth of 4.7 percent. 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 square foot 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.
ING Clarion Partners, a U.S.-based private real estate investment management business, announced earlier this year that it will be acquired from the ING Group by the senior management team in conjunction with the private equity firm, Lightyear Capital. The new company will be known by its former name, Clarion Partners.
About Clarion Partners
Founded in 1982, Clarion Partners manages more than $22 billion in private equity real estate in the Americas across a range of investment strategies for both institutional and individual investors. More information about the firm is available at www.ingclarion.com.
Mike MacMillan/Chris Sullivan