May XX, 2017 – New York, NY – The New York office for Hodges Ward Elliott (“HWE”) announced they have been awarded the exclusive assignment to market the sale of 424 Bedford Avenue, a 63,866 square-foot, 21-story luxury rental property in Williamsburg, Brooklyn. The HWE team of Will Silverman, Managing Director, Paul Gillen, Managing Director, and Daniel Parker, Senior Vice President, are advising the ownership, East End Capital and KBS, on the sale.
The luxury doorman building, which was built in 2010, includes 66 units comprised of a mix of one-and-two bedroom apartments and represents the tallest building in South Williamsburg. Pricing for the property is expected to be in the “high-$40 million” range.
The property is also expected to address the doorman building supply/demand imbalance in the Williamsburg market. There is currently a 5.3 to 1 ratio of doorman units in South Williamsburg (539 total) compared to North Williamsburg (2,833 total) and the L train shut down is expected to drive doorman building renters into the South Williamsburg market even more.
Additionally, with 63% of Williamsburg residents working in Manhattan, the L train shutdown will force many North Williamsburg residents to find alternative public transportation to Manhattan. The J/M/Z line is considered the most convenient alternative.
“With the L train shutdown less than 2 years away, Williamsburg tenants are already starting to choose South over North, which is causing outsized rent growth near the J/M/Z trains,” adds Mr. Parker.