63 Roebling St, Brooklyn, NY, 11211-2262, US

63 Roebling Street

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to facilitate the sale of 63 Roebling Street (the “Property”), a six story multifamily building totaling 54 apartments in the Williamsburg sub-market of Brooklyn, New York. Comprised of 35 one-bedroom units and 19 two-bedroom units, the Property sits on the corner or N 8th Street and Roebling Street, only three blocks from McCarren Park. The Property carries a $26,040,000 of assumable debt with 10 years remaining at 3.41%. There are interest only payments until November 2024.

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Investment Highlights

EXPIRING 421A TAX ABATEMENT

Once the Property’s 15-year 421a tax abatement expires in June 2024, the entirety of the building will be eligible to convert to free market status upon vacancy of each in-place tenant.

ASSUMABLE DEBT

The Property carries a $26,040,000 of assumable debt with 10 years remaining at 3.41%. There are interest only payments until November 2024.

PRIME WILLIAMSBURG LOCATION

63 Roebling is located in the heart of Williamsburg and within a 10-minute walk of the Bedford Avenue L train, Whole Foods, Equinox, Michelin-starred restaurants, McCarren Park, several bars and clubs and the 6th Street retail corridor.

MCCARREN PARK

The Property sits only 3 blocks from McCarren Park, the largest park in Williamsburg, which has a running track, baseball field, several dog parks, two pools, and a farmer’s market on Sundays.

STREAMLINED ACCESS TO MANHATTAN

Residents have access to three nearby subway stations servicing the L, J, M, Z and G trains, offering a 15-minute commute into Manhattan.

ROBUST MULTIFAMILY FUNDAMENTALS

Williamsburg continues to be one of the most popular neighborhoods to live in within New York City. Rents have increased ~14% year over year as it serves as the standard for young professionals and families alike.