Gerichtstrasse 23 is a prewar building of 4 to 5 stories in height. This mixed use property consists of 44 residential apartment units and 12,300 square meters (132,400 SF) of commercial space. There are 35 parking stalls on site.
The building’s location in Mitte (Quarter Wedding) is only five minutes Northwest of Berlin’s city center (the Government Center and Central Rail Station) by car. It is on the #120 bus line, and only a 3 minute walk from the Wedding subway in Interurban stop.
Gerichtstrasse 23 was built in approximately 1896 and leased out as residential apartments in the street front portion of the building, and commercial lofts (workshops, galleries, studios, offices, etc.) behind. The property was purchased in 2008 by Time Equities through a foreclosure action, which terminated all commercial leases. At that time it was thought the entire property could be converted to live/work loft condominiums, however, the recession affected the market and those plans were delayed. Therefore, management sought and was able to resign many of the tenants who had been foreclosed out of their leases. The property was subsequently brought to full lease up due primarily to the substantial renovation work performed by management and ownership. The Property Manager is Michael Will of W Property Group, and Glenn Erikson was the Asset Manager for Time Equities, the owner of the property.