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Boutique Williamsburg Multifamily Property Up For Sale, Asks $80M

Boutique Williamsburg Multifamily Property Up For Sale, Asks $80M
744 Grand St., part of the Brooklyn Grand multifamily development in Williamsburg

Brooklyn Grand, a two-building multifamily development near the Grand Street L train stop, has been put up for sale.

Grand Street Development has enlisted Meridian Capital Group subsidiary Meridian Investment Sales to market the two-building property, with an asking price of $80M. The two buildings at 744 Grand St. and 213 Maujer St., connected by an underground parking garage, total 71 rental units and nearly 11K SF of ground-floor retail.

744 Grand St. contains all of the complex's retail space, as well as 64 of its apartments — 20% of which are designated affordable. The seven units in 213 Maujer St. are market-rate, and the market-rate units in both buildings have $65/SF asking rents. The affordable units charge $14/SF.

Due to its affordability and environmental sustainability standards, Brooklyn Grand has a 25-year tax abatement under the 421-a program. Meridian is touting the building's central location in Williamsburg, but its transit benefit will be interrupted when the L train shuts down in April of 2019.

The complex's amenities include its underground parking, fitness center, virtual doorman, garden and roof deck with an outdoor kitchen and "hammock grove."