Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 2008
Building Area
Occupancy 97.0 %
Last Updated Date 22 Jul 2020

Property Description

The Property boasts high-end finishes, such as Bosch stainless-steel appliances, quartz counter tops, washer/dryers in unit, and central air. Further, tenants enjoy a best-in-class amenity package, including a rooftop deck with a pool, a doorman, unobstructed views of Manhattan, a parking garage, and a state-of-the-art fitness center. 111 Kent is the beneficiary of a 15-year 421-A tax abatement that expires in 2026, at which point the Property will not be subject to rent stabilization, allowing for mark-to-market rent increases upon expiration. In addition there is immediate rent growth potential due to a 22% spread between in-place preferential rent and maximum legal rent. The Property is currently renting at a significant discount to the competitive set ($58/RSF VS. $71/RSF), providing immediate rent upside to an incoming investor. Additionally, the Property’s above average unit sizes of 1,043 SF creates potential value through unit / bedroom reconfigurations. 111 Kent offers prospective investors the unique opportunity to invest in a highly desirable Williamsburg location with near-term rent upside and long-term value upside as a result of the continued appreciation of one of New York City’s most desirable neighborhoods.

Investment Highlights

  • Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis as marketing and sales agent for 111 Kent (the “Property”), a seven-story, 62-unit, luxury rental building located at the corner of North 7th Street and Kent Avenue in Williamsburg (Brooklyn), New York.
  • 111 Kent is located at the epicenter of the vibrant Williamsburg Waterfront, Brooklyn’s premier 24/7 live/work/play neighborhood. Williamsburg offers residents green space and waterfront esplanades alongside popular and cutting-edge dining, shopping, nightlife and cultural entertainment options. Additionally, The Property’s location across the street from the East River State Park provides unobstructed panoramic views of Manhattan in perpetuity. The Property’s superior location attracts an affluent tenant base ($186,000 annual average tenant income) within diverse industries including technology, fashion, finance, and medicine.
Jeffrey Julien
Jeffrey Julien
Managing Director, Capital Markets
License details
NY-40JU1081538
Rob Hinckley
Rob Hinckley
Managing Director, Capital Markets
License details
CA-01811226: NY-10401240592

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