Double U Development Sells Williamsburg Property for $66M

Michael Weitzman’s Double U Development offloaded 56 North 9th Street in Williamsburg for $66.3 million, Crain’s reported. The buyer was a joint venture of Boston-based Rockpoint and Dallas-based Lincoln Property. The sale of the 100,000-square-foot property breaks down to $663 per square foot.

Double U developed the property in 2019, but put it on the market last year seeking $80 million, according to Meridian Capital Group materials. The asking price was ultimately lowered to $77 million, then $73 million before its sale last month; Meridian’s Chirag Doshi had the listing.

Truist Bank provided a $44.8 million mortgage for the deal, according to property records.

The six-story rental building near the waterfront is fully leased, including 45 residential units. The last three transactions recorded on StreetEasy were for two-bedroom units, all commanding at least $7,000 in rent.

There’s also 27,000 square feet of retail space, spread across the bottom three floors. Tenants include the Veterinary Emergency Group, which paid a starting rent of $128 per square foot for its 5,000-square-foot space. The property has a net operating income of $4.4 million, according to Meridian’s marketing materials.

Double U and Lincoln did not respond to the outlet’s requests for comment, while Rockpoint declined to comment.

Three months ago, Double U filed permits to convert a vacant two-story building at 144 Greenpoint Avenue into a six-story mixed-use building. The plans call for a 6,200-square-foot ground floor retail space and 35 apartments perched above.

Elsewhere in Williamsburg, CIM Group and Osiris Ventures recently snapped up 190 Berry Street from LENY for $55.7 million out of bankruptcy. The property includes a 40-unit apartment building and adjoining retail buildings.

— Holden Walter-Warner