Largo sold a newly developed boutique commercial building located in the Williamsburg neighborhood of Brooklyn to a California based private family office for $24.1 million.
The 21,150 rentable square foot Class A boutique office and retail buildings are located at 75 N 7th St. the buildings are fully occupied and anchored by a credit tenant. The buildings feature ceiling heights of up to 19.6 feet, a virtually column-free interior, 75 feet of frontage on North 7th St. and 7,000 square feet of outdoor space that includes a landscaped terrace and a roof deck.
Developed by Largo, the property remained fully leased during the pandemic. The building is surrounded by dining and shopping options along the North 7th St. retail corridor.
According to JLL, who brokered the deal, investment volumes remained stable in the second quarter of 2022. Investors remain focused on portfolio diversification and are aligning investment strategies to longer-term economic and demographic shifts.