Nelson, Levine, Svetlakou and Gevinski of Cushman & Wakefield broker $50 million sale

New York, NY Originally built in 2004 and 2006 under a New York City Housing Development Corporation (HDC) program, the sale of the Bergen Gardens Portfolio included a prime multifamily complex and retail pad assemblage in Brooklyn’s Bergen Beach neighborhood. The portfolio traded in an all-cash transaction valued at $50 million or $289 per s/f. The properties included in the portfolio consisted of 1061, 1073, and 1089 East 73rd St. and 1054, 1070, and 1086 Bergen Ave. Cushman & Wakefield’s James Nelson along with colleagues Mitchell Levine, Alex Svetlakou and Ed Gevinski sold the property on behalf of The Mattone Group and Gartenstein Properties with Victor Gartenstein, David Gartenstein and Steven Gartenstein. The buyer was The Hudson Companies, Inc. “Brooklyn has quickly established itself as a destination to live, work, and shop, thus pushing investments to areas previously overlooked, such as Bergen Beach,” said James Nelson. The six, walk-up apartment buildings combine for an approximate total of 167,850 square feet. Along with the retail pad site, the package encompasses an entire city block with frontage on East 73^rd St., Avenue K, Bergen Ave. and Ralph Ave. The property features on-site parking, rooftop satellites and consists of 144 residential units, almost evenly divided into one-bedroom, two-bedroom and three-bedroom layouts. All units are subject to a regulatory agreement with the HDC and are also rent regulated as a result of the 421-a tax abatement. The property was delivered 98% occupied. “The sellers were a pleasure to work with, delivering the 144-unit property with utmost diligence and in pristine condition,” said Svetlakou. “This was extremely helpful in attracting a high number of offers and achieving our target sale price,” said territory expert Gevinski. Ideally located near amenities like Kings Plaza Shopping Center, McGuire Fields and Paerdegat Park, the property draws tremendous appeal in a quiet neighborhood. Additionally, it can be accessed via the 2 and 5 trains and is serviced by the B6 and B82 bus lines connecting to the L train.