Empire State Realty Trust announced that it acquired a newly constructed retail asset at 41–55 North 6th Street in Williamsburg, Brooklyn, for $46 million at the end of the first quarter.
The approximately 22,000-square-foot property is currently vacant and located between Kent and Wythe Avenues, near the company’s existing 102,000-square-foot portfolio of retail assets along North 6th Street.
The acquisition, combined with the company’s purchase of 86–90 North 6th Street in mid-2025, completes the redeployment of capital from the December 2025 disposition of Metro Center without recognizing a taxable gain. The transactions represent the final execution of the company’s strategy to recycle capital from non-core suburban assets into higher-quality New York City properties with stronger long-term cash flow growth potential.
In addition, the company closed on a $53.5 million mortgage for 10 Union Square East, a 58,000-square-foot retail asset anchored by a long-term lease with Target. The 10-year interest-only loan carries a fixed interest rate of 5.3% and replaces a $50.0 million loan that matured on April 1, 2026.
Ethan Stanton, Michael Mazzara, and Brendan Maddigan of Jones Lang LaSalle represented the seller of the Williamsburg property. Jordan Roeschlaub, Nick Scribani, Tim Polglase, and Niv Shahmoon of Newmark arranged the financing for 10 Union Square East.
