56 North 9th Street, Brooklyn, NY, 11217

Investment Highlights:

Meridian Investment Sales is pleased to exclusively present for sale 56 North 9th Street, a striking six-story luxury mixed-use property located along the coveted Williamsburg Waterfront. The asset is located on the SE corner of Kent Avenue and North 9th Street boasting 220′ of wraparound frontage directly across from the entrance of the revamped Bushwick Inlet Park and the East River. 56N9 is a comprised of 44 residential units and 32,975 square feet of leased commercial space with an occupied WALT of nearly 10 years. The residential units are replete with beautiful white oak flooring, state-of the-art appliances, 10-12 foot ceiling heights and spacious layouts. Tenants also enjoy a children’s playroom, go-locker package system, 24-hour fitness center, outdoor grilling area, bike storage, on-site parking and a spectacular rooftop terrace and lounge with some of the most breathtaking views of the Manhattan skyline that Williamsburg has to offer. The commercial portion of the property spans three floors that benefit from substantial wraparound corner exposure. The lower and second level of the commercial component boast over 14’ ceiling heights with the ground floor having ceiling heights of 20+ feet, providing an inimitable sense of space. Tenants include Floyd Records Music Studio, who has leased the entire cellar, Veterinary Emergency Group, Macoletta Pizzeria, Skate Yogi skateboard studio, Pups Pet Club and more. These tenants represent the culture and essence of Williamsburg’s denizens and were meticulously chosen to servethe neighborhood streets.

The residential portion of the building benefits from a 25-Year 421A which runs until 2043 and was built under an 80/20 421A. The property benefits from an ICAP abatement on the commercial portion. The ICAP will run for 25 years, significantly mitigating tax risk for the foreseeable future.

Williamsburg has emerged from its bohemian roots as one of the most sought-after hip residential enclaves in New York City. The neighborhood is known for its trendy dining, entertainment, and shopping options. Kent Avenue is known for its unique boutiques, posh retail, vibrant parks with sporting fields and abundance of open space, fantastic restaurants and neighborhood amenities. Residents enjoy convenient access to the North Williamsburg Ferry terminal just a few blocks away. The L train is a five-minute walk located at Bedford and North 7th Street. The Marsha P. Johnson State Park will add, in it’s second phase of plans, close to 18,000 square feet of greenery which will include naturalistic elements like log benches and flower gardens around a circular path to be dubbed the ‘Gantry Plaza’. Williamsburg truly embodies the live-work-play lifestyle that compels young adults and families alike to settle and stay in the neighborhood.