ESRT Buys More Williamsburg Retail as Part of $195M Purchase
By Isabelle Durso October 3, 2024 5:47 pm
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Empire State Realty Trust’s $195 million purchase of retail space in Williamsburg, Brooklyn, got a little bit clearer with a $68 million purchase going public Thursday, according to city records.
So far, ESRT has bought four properties from real estate investment firm L3 Capital, city records show. The first was a $28.3 million purchase of the one-story retail building at 134 North Sixth Street, where Google is currently leasing 6,232 square feet of space, as Commercial Observer previously reported.
The second purchase was for $18.1 million at 124 and 128 North Sixth Street, where eyeglasses seller Warby Parker has its Williamsburg location.
The third was the two-story, 16,924-square-foot retail property at 100-104 North Sixth Street, which ESRT bought for $18.1 million, records show. Clothing stores Everlane and The North Face have locations along that strip.
In the just-disclosed fourth deal, ESRT paid $68 million for the set of properties at 81-91 North Sixth Street, where footwear retailer Nike, coffee shop Aroma Coffee, Santander Bank’s work cafe, and luxury retailer Hermès all have retail space.
ESRT announced in July that it had dropped $195 million in all-cash deals to pick up a series of retail properties in the North Brooklyn neighborhood, but did not reveal the addresses or sellers.
The property records revealed ESRT’s total spending in Williamsburg to about $132.5 million — leaving about $63.5 million off its $195 million retail takeover unaccounted for.
Spokespeople for ESRT and L3 Capital did not immediately respond to requests for comment. It’s unclear who brokered the deals.
The firm’s investment in the area comes as many landlords — like ESRT and Two Trees Management — and national retailers — like Lululemon and Patagonia — look to set up shop in Williamsburg.
Isabelle Durso can be reached at idurso@commercialobserver.com.
