Empire State Realty Trust (ESRT) is expanding its retail presence in Brooklyn by acquiring two Williamsburg properties for $195 million. These all-cash deals include a $103 million and a $92 million purchase, adding to ESRT’s existing holdings in the prime shopping corridor on North 6th Street. The company’s strategy focuses on recycling capital from non-core suburban assets into strong NYC assets. Williamsburg has seen significant retail growth, with developments like Two Trees’ Refinery at Domino and high-profile tenants like Equinox and cannabis dispensary Gotham. New high-end projects, such as Naftali Group’s Williamsburg Wharf, are also planned.
Empire State Realty Trust
