For Immediate Release – Wickatunk, NJ, Oct. 5th, 2022
A class “A” multifamily apartment complex in the heart of one of New York City’s strongest submarkets, Williamsburg, Brooklyn. A fully leased, gut-renovated loft building comprising of 117 free market residential units, one retail suite with modern amenities and finishes.
- Outperforming Brooklyn Submarket with Strong Renter Demographics: 55 Hope Street is located in one of the most desirable submarkets in NYC, Williamsburg. The area has displayed strong fundamentals, currently boasting a 2.2% vacancy rate (CoStar), with an average rental price growth of 6.23% in July, according to MNS. This growth has led to Williamsburg outperforming many of New York City’s submarkets and achieving outsized rents during NYC’s rental resurgence. CoStar notes that “Williamsburg has one of the highest percentages of renters (compared to owners) in the New York market.
- High-Performing, Tenured, NYC Multifamily-Focused Sponsor: Based in NYC, GAIA has historically managed 18,800+ residential units, 82 properties, and $3+ billion of assets. Within the NY Metro area, GAIA has managed 30+ properties and approximately 3,100 units.
- Premium Brooklyn Location with Amazing Attractions and Accessibility: This sought- after Brooklyn enclave is steps away from Williamsburg’s main attractions and most popular bars and vibrant restaurants, featuring Michelin-starred restaurants nearby include Aska, Meadowsweet, and Peter Luger Steak House. The property is steps away from Bedford Avenue, a premium retail corridor featuring major retailers such as Apple, Gant, Supreme, Muji, Le Labo, and Lululemon. 55 Hope benefits from excellent access to parks and green space (McCarren Park – 8-minute walk, East River State Park – 10-minute walk, and Bushwick Inlet Park – 1 mile away) and transportation nodes. Located one block south of Metropolitan Avenue in-between Havemeyer Street and Marcy Avenue, the Property has immediate access to the L, G, J, M, and Z subway lines, providing a direct commute into Manhattan and connectivity throughout all of New York City.
- High-Quality Asset Acquired Off-Market: GAIA leveraged their local network and secured this deal off-market, avoiding several rounds of potential “bidding wars.” This resulted in a highly attractive purchase price of $80.0 million ($900/SF), which is well below current replacement cost and represents a 30%-42% discount to comparable condo product ($1,300-$1,600/SF). Originally built as a pencil factory, 55 Hope Street was fully redeveloped in 2012 into a Class A, multifamily property and is currently in pristine condition. Characterized by curated industrial-minimalist design, the building features inspired residential units with wood flooring, oversized windows, 11’-6” ceiling heights, and stainless-steel appliances. Luxury amenities at the property include spacious lobby/lounge areas, furnished roof deck with skyline views, fitness center, tenant storage, and bike storage.
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Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. www.Amalficapital.biz – amalficapitalinfo@gmail.com