New York, NY – May 4, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 186 N 6th Street, known as Boricua College, located in the heart of Williamsburg. The property consists of two adjoining tax lots with three brick buildings – a main school building, a gymnasium and a four-story multifamily building – presenting a rare opportunity for a luxury residential complex conversion. All three buildings will be delivered vacant, and the final closing price was $31.1 million.

A Cushman & Wakefield team of Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball represented the seller, Boricua College, in the transaction. The building was purchased by David Dweck.

“This unique three-building offering in a tier one location appealed to an array of end-users, investors, charter schools and, of course, developers. We were pleased to be able to execute at a high-level for a very important non-profit client, Boricua College,” said Guthrie Garvin of Cushman & Wakefield.

Brendan Maddigan added, “Large building conversions in a great location are very rare in Brooklyn, as shown by the nearly 75 seriously interested developers who pursued this highly sought-after opportunity.”

Gideon Gil, Executive Director in Cushman & Wakefield’s Equity, Debt and Structured Finance team, served as the exclusive advisor in arranging a senior stretch financing facility in the amount of $30 million for a $36 million budget scope. The lender was G4 Capital Partners.

We are pleased to represent our client again on another great Williamsburg project, and G4 Capital Partners was once again incredible to work with. G4 was able to provide a custom solution for this redevelopment project, bringing distinct value to the Williamsburg submarket,” said Gideon Gil.

The property’s three buildings have a gross floor area of 68,735 square feet and offer unique restructuring value to the buyer as each asset differs in configuration and size. The elevatored, five-story main building consists of classrooms, storage, several offices, a library, cafeteria and a book store. On the same lot stands a four-story multifamily building with 25 feet of frontage on N 5th Street and six residential units. The lot also offers off-street parking. Completing the assemblage is a three-story, 20,696 square foot gymnasium with frontage along Driggs Avenue, which holds five labs, a library and three additional classrooms.

186 N 6th Street is located in the heart of Williamsburg surrounded by a rapidly expanding variety of premier restaurants, retailers and entertainment destinations including art galleries, bars, and waterfront parks. The property is also highly transit accessible as it is located around the corner from the Bedford Avenue L train station, just one stop away from Manhattan. Additionally, the area is serviced by the G train, the East River Ferry, and the B32 and B62 bus lines.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.