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.