The Berkley - Brooklyn, NYBrooklyn, NY Holliday Fenoglio Fowler, L.P. (HFF) has closed on the $68.875 million sale of The Berkley, a newly constructed, 95-unit apartment building in Williamsburg and also secured $42.5 million in financing for the buyer.
HFF exclusively represented the seller, a joint venture between Westbrook Partners and Largo. A joint venture between Trinity Place Holdings, Inc. and Pacolet Milliken Enterprises, Inc. acquired the property. Additionally, HFF procured a 10-year, floating-rate acquisition loan on behalf of the new owners through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
The HFF investment sales team representing the seller was led by managing director Jeff Julien along with managing directors Rob Hinckley and Rob Rizzi, senior managing director Andrew Scandalios and associate director Steven Rutman.
HFF’s debt placement team was led by managing director Steven Klein and director Geoff Goldstein.
Largo Construction managed construction of the building and New York-based leasing company Bold New York handled leasing on behalf of the seller, achieving 80 percent occupancy within the first four months following completion.
Jeff Julien, HFFThe Berkley is located at 223 North 8th St. one block from the L Train’s Bedford Ave. Station and within walking distance to the J, M, Z and G trains, providing seamless access throughout NYC. Completed this year, The Berkley consists of 95 apartments with a mix of studio, one, one and a half- and two-bedroom floor plans.
The units feature condominium-quality finishes, including nine to ten-foot ceilings; Daikin central HVAC systems; large triple-paned, tilt-and-turn Internorm European windows; Miton kitchens with Bertazzoni and Bosch appliances; Bosch washers and dryers; wide plank hardwood flooring; Miton and Toto bathrooms; walk-in closets; and balconies or terraces in most units. The property’s amenity package includes a rooftop sundeck lounge with barbecue stations and an outdoor kitchen; two-story fitness center and yoga lawn; 3,600 s/f central landscaped courtyard with fire pit; storage for tenant use; bike storage; parking garage and views of the Manhattan skyline. The property also benefits from a 25-year, 421a real estate tax abatement.
The HFF investment sales team representing the seller was led by managing director Jeff Julien along with managing directors Rob Hinckley and Rob Rizzi, senior managing director Andrew Scandalios and associate director Steven Rutman.
HFF’s debt placement team was led by managing director Steven Klein and director Geoff Goldstein.
Largo Construction managed construction of the building and New York-based leasing company Bold New York handled leasing on behalf of the seller, achieving 80 percent occupancy within the first four months following completion.
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