Imperium Capital, a real estate investment company, has acquired a roughly 16,000-square-foot building in Williamsburg for $3.4 million, the company’s principals revealed to The Commercial Observer. The firm bought the building in partnership with Great Point Properties, another investment firm.
The property, 174-180 North 11th Street, sits on a parcel that can accommodate about 36,000 square feet of development the firm’s executives said, though they said they plan on operating the existing building there for the foreseeable future in large part because of its retail space.
“We are very bullish on Williamsburg, especially the northern end near McCarren park,” Sam Schneider, a managing partner of the company, told The Commercial Observer. “We love that area specifically for residential and retail.”