City Urban Realty Scoops Up Another Williamsburg Retail Building for $33M

Buyers, sellers and developers are drawn to the retail corridor along North Sixth Street in Williamsburg, Brooklyn, and City Urban Realty is not exempt.  

Fresh off of selling three properties on the coveted stretch of Williamsburg, Michael Alvandi‘s City Urban just acquired a vacant single-story retail building covering the lot at 61 to 63 North Sixth Street, Commercial Observer has learned. 

The more than $33 million sale, which has yet to hit property records, occurred on April 16, a source close to the deal told CO. City Urban Realty declined to comment on the transaction or anything related to it beyond confirmation that the sale took place and that they have control of the asset.

The name of the seller was not immediately available. However, property records list the longtime owner of the building as Rehan Perveez and the entity 59 North 6th Street. Perveez could not be reached for comment.

City Urban is no stranger to the property, previously providing a $12.7 million loan to it through its lending arm, CUR Funding, in 2018, NYREJ reported. City Urban declined to comment on its previous history of the building.

The sale was a direct deal between the buyer and seller, and as such no brokers were involved in the transaction, according to the source. However, Alvandi and Harry Hochman handled the deal for City Urban. 

The commercial building at 61-63 North Sixth Street was completed in 2018 and features 14,100 square feet of available space, according to LoopNet. 

City Urban has been creating a den in Williamsburg, having recently completed the construction of two standalone retail properties at 95 North Sixth Street and 97 North Sixth Street. 

This three-block stretch of Williamsburg has become a highly coveted retail sector since both Hermès and Nike set up shop. Indeed, Acadia Realty Trust recently acquired 95, 97 and 107 North Sixth from City Urban for $60 million. 

But City Urban isn’t limiting itself to properties in Williamsburg. The 61 to 63 North Sixth Street purchase comes on the heels of its $40 million February acquisition of 244 West 72nd Street in Manhattan’s Upper West Side.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.