28,819 SF Six-Story Office Building
East River Ferry
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TerraCRG has been retained on an exclusive basis to represent ownership in connection with the sale of 134 Broadway, a six-story office building of 28,819 SF, located on the corner of Broadway and Bedford Avenue in the Williamsburg neighborhood of Brooklyn.
The building, which was constructed of brick and limestone in around 1930, is located three blocks west of the Marcy Avenue subway station (the J, M and Z), and just steps away from the Williamsburg Bridge. The G, L and East River Ferry are also accessible. Many of the offices enjoy views of the bridge and Manhattan skyline.
Currently fully leased, three full floors are occupied by a single tenant, Brooklyn Financial Group (an agency of The Guardian Life Insurance Company of America), on a
five-year lease expiring on December 31st, 2020. The remaining three floors are divided into 58 small units, the occupants of which are month-to-month. The average rent being collected across all the units is above $50/RSF.
Over the last decade, Williamsburg has become one of NYC’s most popular neighborhoods to live, work and play. Since the 2005 rezoning, over 10,000 luxury residential units have been developed and occupied in the area and over 5,800 units are in the development pipeline right now. Tech companies and creative services firms have committed to Williamsburg to be close to the new, talented workforce that has been drawn to the neighborhood. New commercial developments have sprouted over the last decade to support this population growth, with office asking rents now surpassing the $70/SF mark in some buildings.