ESRT acquires two Williamsburg Brooklyn properties for $26.4M via 1031 exchange

Empire State Realty Trust, Inc.

Aggregate purchase price of $26.4M for 11,000 sq ft at 157-159 Wythe Ave and 77 N 6 St.
Properties 100% leased as of Sept 30, 2023; 5,600 sq ft retail with 7.7-yr weighted avg lease term.
Includes six free-market residential units; funded by 1031 exchange proceeds and balance sheet cash.
Company has now recycled 100% of proceeds from divestiture of suburban office and Westport retail assets.
CEO cites Williamsburg as one of NYC's most popular retail markets; North 6th St has seen significant absorption.

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