City Urban Realty Expands its Portfolio in Williamsburg, Brooklyn
In a notable transaction within the thriving retail sector of Williamsburg, Brooklyn, City Urban Realty has strengthened its presence by acquiring a valuable retail property located at 61-63 North Sixth Street. This acquisition follows closely on the heels of the sale of three other properties in the area, showcasing the developer’s active engagement in the local market.
Details of the Acquisition
According to sources familiar with the transaction, the property was sold for over $33 million on April 16. While the sale has not yet appeared in public property records, City Urban Realty has confirmed its ownership of the newly acquired asset, although they chose not to disclose further details.
The Seller and Historical Context
The seller of the property has not been publicly identified. Historical records indicate that Rehan Perveez, associated with the entity 59 North Sixth Street, was the long-term owner of the building. Efforts to reach Perveez for comments were unsuccessful.
City Urban Realty is not a stranger to the property; in 2018, they extended a $12.7 million loan through their lending division, CUR Funding. However, the company opted not to elaborate on its past dealings concerning this site.
Transaction Insights
This acquisition was a private transaction between the buyer and seller, without the involvement of brokers, as per sources. Michael Alvandi and Harry Hochman represented City Urban in this deal.
Property Features
The single-story retail building spans 14,100 square feet and was completed in 2018. With such substantial space available, the possibilities for future development or leasing options are vast.
City Urban’s Ongoing Developments
City Urban Realty has been notably active in Williamsburg, recently finishing construction on two standalone retail properties located at 95 and 97 North Sixth Street. The three-block area has garnered significant interest from high-end retailers, with brands like Hermès and Nike establishing a presence in the neighborhood.
Recent Financial Moves
Further exhibiting its expansion strategy, City Urban also acquired a property at 244 West 72nd Street in Manhattan’s Upper West Side for $40 million earlier this year. This reflects their ambition not only to grow in Williamsburg but to establish a footprint across key urban locations.
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