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SL Green-led venture makes first Brooklyn residential investment

SL Green Realty is to acquire a newly completed vacant residential building in the Williamsburg section of Brooklyn.

The transaction is expected to close in first quarter 2013.

Located in the heart of the thriving Williamsburg neighbourhood and three blocks south of the L Train, the residential building sits atop a commercial condominium which SLG purchased in 2010 that includes an HSBC bank, a Duane Reade store and a 142-car parking garage.

The new investment consists of 72 newly constructed apartment units, plus 12 townhouses.

The studio, one-and two-bedroom units offer condominium quality interior finishes and amenities such as an attractive lobby, outdoor courtyard with cabanas and a recreational/entertainment lounge gym and parking on-site. The 1,850 sq. ft. townhouses each feature three bedrooms, two baths, two half-baths, a ground-level garden area and rooftop terrace.

The building was developed under a programme that provides tax abatements through 2027.

Brett Herschenfeld, senior vice president at SL Green, says: “SL Green’s management is uniquely positioned to find opportunistic residential investments in New York City, as evidenced by this deal, that will give us the high returns associated with new construction without any construction risk.”

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