Madison Marquette announced the acquisition of the retail portion of The Edge, a multi-tenant retail condominium complex totaling approximately 64,000 square feet in Williamsburg (Brooklyn, NY). The property was acquired on behalf of a programmatic joint venture targeting infill retail and mixed-use properties in major markets throughout the United States.
The Edge, a luxury residential and retail condominium complex located on the Williamsburg waterfront, was developed by Douglaston Development. Major retail tenants at the property include Brooklyn Harvest Market, CVS Pharmacy, Ride Brooklyn and Fabbrica.
The Edge offers an exceptional location directly on Brooklyn’s waterfront in Williamsburg. In recent years, Williamsburg has become one of the most popular neighborhoods in New York City for development and expansion. As noted by Amer Hammour, Chief Executive Officer of Madison Marquette, “In addition to its appeal to US-based investors, New York is once again at the top of the Association of Foreign Investors in Real Estate’s (AFIRE) survey as the number one market for global investors. This interest is fueled by New York’s strong job growth, sophisticated residential demographics and a concomitant and unrelenting demand for high-quality, urban retail real estate.”
The Edge is the second recent metropolitan New York acquisition for Madison Marquette. According to Madison Marquette Managing Director of Investments Arvind Bajaj, “we believe that there is still good relative value in New York City – especially in Brooklyn and Queens as these boroughs are urban, dense submarkets. We remain focused on pursuing additional relationship-oriented acquisition opportunities that will further enhance the firm’s franchise.” Ryan Colbert, the Investment Director in Madison Marquette’s New York City office, added, “Williamsburg is a dynamic, robust location and a beneficiary of the strong tri-state area property markets. The area will only continue to grow and improve.”
About Madison Marquette:
Madison Marquette is a private real estate investment and operating company. Founded in 1992, the firm’s primary focus is infill retail and mixed-use assets in major markets throughout the United States. Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisition, asset management, leasing, property management, marketing, and development functions. Madison Marquette is headquartered in Washington DC and covers its key markets with senior investment and operating professionals in major cities around the country, including San Francisco, Los Angeles, Seattle, New York, Philadelphia, Dallas, and South Florida.
