Empire State Realty Trust Acquires Brooklyn Retail Asset for $46 Million
The company states: "Empire State Realty Trust acquired a newly constructed, prime retail asset located at 41-55 North 6th Street in Williamsburg, Brooklyn for $46 million at the end of the first quarter. The approximately 22,000 square foot property, currently vacant, is located between Kent and Wythe Avenues and in close proximity to the Company's existing 102,000 square foot portfolio of prime retail assets along North 6th Street. This acquisition, together with the Company's purchase of 86-90 North 6th Street in mid-2025, completed the redeployment of investment capacity from the December 2025 disposition of Metro Center without a recognition of a taxable gain. These transactions were the final execution of ESRT's strategy to recycle capital from non-core suburban assets into high-quality NYC assets with stronger long-term cash flow growth prospects. The Company also closed on a $53.5 million mortgage on 10 Union Square East, a 58,000 square foot prime retail asset anchored by a long-term lease with Target. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026."
