Rockpoint, a Boston-based real estate private equity firm, today announced the acquisition of 56 North 9th Street, a luxury residential property located in the Williamsburg submarket of Brooklyn, New York. Rockpoint acquired the property in partnership with Lincoln Property Company and financial terms of the transaction were not disclosed.
Developed in 2019, the multifamily property comprises 45 apartments and also features approximately 30,000 square feet of fully leased retail. The property is situated in the thriving, revitalized neighborhood of Williamsburg, which has emerged as a preeminent living and social destination for young professionals. The vibrant area is proximate to Manhattan and easily accessible via public transportation, while also featuring resident amenities like parks and recreation space, grocery stores, and restaurants. The neighborhood is also a prime destination for shopping, dining and nightlife, making it an attractive option for a variety of lifestyles.
“We are pleased to add 56 North 9th Street to our residential portfolio,” said Dan Domb, Managing Member and COO at Rockpoint. “Investing in a recently constructed property that combines amenity-rich living with versatile on-site retail spaces – in one of New York’s most compelling and sought-after submarkets – offers a unique opportunity to deliver value for our tenants. We look forward to working with the team at Lincoln Properties to improve operations and enhance the tenant experience at this property.”
“Lincoln is excited to partner with Rockpoint to support the continued success of 56 North 9th Street,” said Jared Toothman, EVP, Market Leader for Lincoln Property Company. “This acquisition features relatively new construction, trophy location on the Williamsburg waterfront, long-term tax protection, and imbedded mark-to-market, all at an opportunistic cost basis. We share Rockpoint’s goal of improving properties to help local communities thrive.”
Apartments feature floor-to-ceiling windows, spacious layouts, and hardwood oak flooring throughout, as well as condo-quality finishes. Residents enjoy access to prime amenities, including a fitness center, children’s playroom, on-site parking and a rooftop lounge with an outdoor grilling area and striking, unobstructed views of the Manhattan skyline.
The acquisition of this premier property represents Rockpoint’s knowledge of opportunities in submarkets with compelling demand drivers. The firm has made 137 residential investments since 1995, including approximately 96,000 multifamily units and 15,000 rental homes.
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