Two-Building W’burg Rental Lists for $80M, a Year After Its Completion
By Liam La Guerre November 22, 2017 2:46 pm
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Grand Street Development is putting the Brooklyn Grand, a two-building rental and retail development in Williamsburg, up for sale for $80 million, according to information provided by Meridian Investment Sales.
The Brooklyn buildings at 774 Grand Street and 213 Maujer Street, which combine for 80,048 square feet, comprise 71 rental units and 10,717 square feet of ground- floor retail. The properties were completed last year and are fully rented.
The development sports an underground garage with 19 spaces, a gym, a garden and a roof deck featuring an outdoor kitchen and hammocks. And the properties features a red brick facade, loft-style windows, exposed cement ceilings and modern finishes.
The developer, led by Founder and Chief Executive Officer Dean Marchi, has been getting a ton of unsolicited offers for the building, so he decided to market it for sale, according to Meridian.
“Distinct, boutique residential buildings rarely come available in Brooklyn, let alone ones featuring the character, amenities and the highly sought after neighborhood that Brooklyn Grand offers,” Meridian’s David Schechtman said in a prepared statement. “The property’s location among Williamsburg’s sleek boutiques, craft coffee shops and dining destinations will ensure its desirability for years to come.”
The 74,172-square-foot 774 Grand Street benefits from a 25-year 421-a tax abatement, and 20 percent of its 64 units are affordable. It mostly comprises one- and two-bedroom units, but also has some studios. Smaller units start in the mid-$2,000s per month and the larger two-bedroom units can cost upwards of $4,000 a month, according to StreetEasy.
At 213 Maujer Street, a much smaller four-story, 5,876-square-foot building, there is one studio unit and six one-bedroom apartments. The studio has rented in the mid-$2,000s per month and the one-bedroom units in the low $3,000s per month, according to StreetEasy.
