NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $68.875 million sale of The Berkley, a newly constructed, 95-unit, luxury apartment building in Williamsburg, Brooklyn, 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. (NYSE: TPHS) 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 Berkley is located in the heart of Williamsburg at 223 North 8th Street one block from the L Train’s Bedford Avenue Station and within walking distance to the J, M, Z and G trains, providing seamless access throughout New York City. Completed in 2016, 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-square-foot 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.
About Westbrook Partners: Westbrook Partners, founded in April 1994, is a privately-owned, fully integrated real estate investment management company with offices in New York, Boston, Washington, D.C., Palm Beach, San Francisco, Los Angeles, London, Munich, Paris and Tokyo.
About Largo: Largo is a private real estate development and investment firm founded by Nissim Ben-Nun and Nicholas Werner. Largo specializes in the acquisition, development and operation of luxury multifamily and mixed-use real estate in New York City, and is currently heavily active in the Manhattan and Brooklyn markets. Since its founding in 2009, Largo has successfully developed over four hundred thousand square feet of luxury rental apartments, condominiums and retail. Largo is currently developing over one million square feet of mid-rise and high-rise projects throughout Manhattan and Brooklyn. In addition, Largo provides construction management services for many of its projects through its construction management operation Largo Construction. www.largoNYC.com
About Trinity Place Holdings Inc. Trinity Place Holdings Inc. (the “Company”) is a real estate holding, investment and asset management company. The Company’s shares are listed for trading on the NYSE MKT under the symbol TPHS. The Company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Currently, the Company is developing a mixed-use condominium at 77 Greenwich Street (aka 28-42 Trinity Place) in Lower Manhattan, sometimes referred to as the Trinity Place Property, and one of Lower Manhattan’s premier development sites. The Company also owns property in the tri-state area and Florida. More information on the Company can be found at www.trinityplaceholdings.com.
About Pacolet Milliken Enterprises, Inc. Pacolet Milliken Enterprises, Inc. is a private, family-owned investment company founded in 2007 by the shareholders of Milliken & Company with a forward-looking mission to secure and grow high-quality assets with enduring value in the energy and real estate markets. For more information, please visit www.pacoletmilliken.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.