{"id":787550,"date":"2023-10-02T19:44:03","date_gmt":"2023-10-02T23:44:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/"},"modified":"2023-10-02T19:44:03","modified_gmt":"2023-10-02T23:44:03","slug":"empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/","title":{"rendered":"Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program<\/b><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nEmpire State Realty Trust, Inc. (NYSE: ESRT) (the \u201cCompany\u201d), announced that it recently closed on the acquisition of two adjacent properties located at the northeast corner of North 6<sup>th<\/sup> Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn, New York, for an aggregate purchase price of $26.4 million. The properties, which were 100% leased as of September 30, 2023, have an aggregate square footage of 11,000 square feet, comprised of 5,600 square feet of retail space with a weighted average lease term of 7.7 years, and six free-market residential units.<\/p>\n<p>\nThe transaction was funded by proceeds from a recent non-core asset disposition in a 1031, tax deferred exchange, and cash from the Company\u2019s balance sheet. ESRT has now successfully recycled 100% of the proceeds from its divestiture of several suburban office buildings and the Westport Main Street retail assets through 1031, tax deferred exchanges.<\/p>\n<p>\n\u201cConsistent with our previously stated plan to add well-located NYC assets and recycle out of select non-core assets through 1031 exchanges, we are excited to add these two properties in a highly desirable section of Brooklyn,\u201d stated Anthony E. Malkin, Empire State Realty Trust\u2019s Chairman, President, and Chief Executive Officer. \u201cThis transaction further expands our retail and multifamily portfolios with properties that are well-located in the heart of Williamsburg. Williamsburg is now among the most popular retail markets in New York City, and North 6<sup>th<\/sup> street specifically has seen very significant retail absorption over the last decade.\u201d<\/p>\n<p><b>About Empire State Realty Trust<\/b><\/p>\n<p>\nEmpire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building \u2013 \u201cthe World\u2019s Most Famous Building\u201d \u2013 and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US for the second year in a row, in Tripadvisor\u2019s 2023 Travelers\u2019 Choice Awards: Best of the Best. The Company is a leader in healthy buildings, energy efficiency, and indoor environmental quality. As of June 30, 2023, ESRT&#8217;s portfolio is comprised of approximately 8.6 million rentable square feet of office space, 718,000 rentable square feet of retail space and 721 residential units across three multifamily properties. More information about Empire State Realty Trust can be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.empirestaterealtytrust.com%2F&amp;esheet=53568124&amp;newsitemid=20231002984909&amp;lan=en-US&amp;anchor=esrtreit.com&amp;index=1&amp;md5=efd94ca67335ec27557c1ef1620d996e\">esrtreit.com<\/a> and by following ESRT on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FEmpireStateRealtyTrust%2F&amp;esheet=53568124&amp;newsitemid=20231002984909&amp;lan=en-US&amp;anchor=Facebook&amp;index=2&amp;md5=77d4bfbeccbd8ceb35ee4674640e01c8\">Facebook<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Fesrtsocial%2F&amp;esheet=53568124&amp;newsitemid=20231002984909&amp;lan=en-US&amp;anchor=Instagram&amp;index=3&amp;md5=0b49aad482640cb82a1714f228d79d75\">Instagram<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Ftiktok.com%2F%40esrtsocial&amp;esheet=53568124&amp;newsitemid=20231002984909&amp;lan=en-US&amp;anchor=TikTok&amp;index=4&amp;md5=fe76456c3cb0f07983a41bef0026b8ca\">TikTok<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Fesrtsocial%3Flang%3Den&amp;esheet=53568124&amp;newsitemid=20231002984909&amp;lan=en-US&amp;anchor=Twitter&amp;index=5&amp;md5=d1936fc58ee2b651c77b739351b635d1\">Twitter<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fempire-state-realty-trust%2F&amp;esheet=53568124&amp;newsitemid=20231002984909&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=6&amp;md5=7703f8eb8aad28ff710c7c32f308f69d\">LinkedIn<\/a>.<\/p>\n<p>\nSource: Empire State Realty Trust, Inc.<\/p>\n<p>\nCategory: FINANCIAL<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231002984909r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20231002984909\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20231002984909\/en\/<\/a><\/span><\/p>\n<p><b><span class=\"bwuline\">Investors<br \/>\n<br \/><\/span><\/b><b>Empire State Realty Trust Investor Relations<br \/>\n<br \/><\/b>(212) 850-2678<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:IR@esrtreit.com\">IR@esrtreit.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> REIT Environment Other Construction &amp; Property Commercial Building &amp; Real Estate Construction &amp; Property<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program NEW YORK&#8211;(BUSINESS WIRE)&#8211; Empire State Realty Trust, Inc. (NYSE: ESRT) (the \u201cCompany\u201d), announced that it recently closed on the acquisition of two adjacent properties located at the northeast corner of North 6th Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn, New York, for an aggregate purchase price of $26.4 million. The properties, which were 100% leased as of September 30, 2023, have an aggregate square footage of 11,000 square feet, comprised of 5,600 square feet of retail space with a weighted average lease term of 7.7 years, and six free-market residential units. The transaction was funded by proceeds from &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-787550","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program NEW YORK&#8211;(BUSINESS WIRE)&#8211; Empire State Realty Trust, Inc. (NYSE: ESRT) (the \u201cCompany\u201d), announced that it recently closed on the acquisition of two adjacent properties located at the northeast corner of North 6th Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn, New York, for an aggregate purchase price of $26.4 million. The properties, which were 100% leased as of September 30, 2023, have an aggregate square footage of 11,000 square feet, comprised of 5,600 square feet of retail space with a weighted average lease term of 7.7 years, and six free-market residential units. 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(NYSE: ESRT) (the \u201cCompany\u201d), announced that it recently closed on the acquisition of two adjacent properties located at the northeast corner of North 6th Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn, New York, for an aggregate purchase price of $26.4 million. The properties, which were 100% leased as of September 30, 2023, have an aggregate square footage of 11,000 square feet, comprised of 5,600 square feet of retail space with a weighted average lease term of 7.7 years, and six free-market residential units. The transaction was funded by proceeds from &hellip; Continue reading \"Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/","og_site_name":"Market Newsdesk","article_published_time":"2023-10-02T23:44:03+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231002984909r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program","datePublished":"2023-10-02T23:44:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/"},"wordCount":477,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231002984909r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-prime-retail-asset-in-williamsburg-brooklyn-as-part-of-capital-recycling-program\/","name":"Empire State Realty Trust Announces Acquisition of Prime Retail Asset in Williamsburg, Brooklyn, as Part of Capital Recycling Program - 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