The Addison
Update
06/06/22
Dual-Tower Apartment Building Sells for $142M in Downtown Brooklyn
A two-tower residential building, located at 225 Schermerhorn Street in Downtown Brooklyn has just been sold for $142.35 million. The structure was purchased by Dermot Company from the previous owner, BentallGreenOak, in a deal brokered by JLL.
Known as "The Addison", the development was constructed between 2009 and 2011. It consists of a taller 26-story tower section, facing Livingston Street, and a shorter 15-story rise, facing Schermerhorn Street. Together they total square feet.
The Addison contains rental apartments, offered in studio, one, and two-bedroom configurations. The majority of these are market-rate units, with a select amount dedicated to affordable housing.
Tenant amenities include laundry facilities, a fitness center, a lounge with a fireplace, and a courtyard between the towers with a grilling station. In addition to residential units, the building offers square feet of ground-floor retail space and an enclosed parking garage with enough room for vehicles.
As a bonus, any tenants working in Manhattan will have the world's easiest commute as the structure incorporates one of the entrances to the Hoyt-Schermerhorn subway station into its facade.