424 Bedford

424 Bedford Avenue, Williamsburg, Brooklyn, NY 11211

Property Overview

Through a joint venture, KBS Strategic Opportunity REIT acquired 90% equity interest in 424 Bedford, a 21-story, 66-unit apartment building located in the Williamsburg neighborhood of Brooklyn, NY. Completed in 2010, 424 Bedford contains 49,220 rentable square feet. The average unit is 750 square feet with condo-level finishes throughout, including oak floors, stainless steel appliances, stone countertops and an individual washer/dryer. Property amenities include a doorman, roof-deck, fitness center, storage facility, bike storage, a community garden and onsite parking.

424 Bedford is located within a triangle of public transportation served by four subway lines, year-round ferry service connecting to three boroughs and public buses linking Brooklyn and Manhattan. A resident at the property is able to commute to almost any office in Manhattan in less than 30 minutes. Bedford Avenue is the main north/south thoroughfare for the Williamsburg market, which is filled with popular restaurants and coffee shops, as well as vintage and other boutique shops. The building offers expansive and mostly unobstructed views of the Manhattan skyline and East River to the west, and Brooklyn and Queens to the east.

Investment at a Glance

Location: Brooklyn, NY

Property Type: Multi-family

Acquisition Date: January 31, 2014

Purchase Price: $39,750,000

No. of Buildings: 1

No. of Stories: 21

No. of Units: 66

Average Unit Size: 750 SF

Year Built: 2010

Leased Percentage (at the time of Acquisition): 97%

Square Footage: 49,220

$39,750,000 Total Purchase Price
49,220 square feet Total Rentable Area
Class A Building Class