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.

View The Addison >>

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