As the city’s investment sales market enters its always strong fourth quarter, Clarion Partners is putting a pair of Williamsburg lofts on the market, targeting a $70 million price tag.
Clarion is looking to sell the rental properties at 44 Berry Street and 139 North 10th Street, according to marketing materials.
The buildings, which have 78 combined apartments, were built in the early 20th century and converted in the early 2010s into spacious lofts with 13-foot ceilings.
With their spacious layouts and prime Williamsburg location near Bedford Avenue L train station and McCarren Park, the properties are the kind that are in high demand by tenants working from home, according to a teaser from Eastdil Secured, which oversees the sale.
Rents for the buildings are below market, giving a new owner the opportunity to increase once leases are renewed, according to Eastdil.
A representative for Clarion Partners, led by CEO David Gilbert, did not immediately respond to a request for comment.
The New York-based company, majority-owned by Franklin Templeton and managing more than $81 billion in assets, bought the two buildings in 2011 and 2014 for nearly $58 million.
The building at 139 North 10th Street, known as the Print House Lofts, is fully market priced. The 44 Berry Street property benefits from a J-51 tax exemption that expires next June; with a few exceptions, apartments must be stabilized while their buildings receive J-51 perks.
The buildings in Williamsburg join a handful of multi-family portfolios that have hit the market as the city’s investment sales landscape heads into the end of the year with many questions hanging over it.
The market got off to a good start this year, but cooled as the Federal Reserve began raising interest rates and fears of a recession grew. Last week, the Fed raised the federal funds rate by 75 basis points, the fifth time this year that it has raised the rate.
Investor interest has shifted to multi-family properties as office properties have become more difficult to manage. The fourth quarter is usually the busiest for sales.