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| The Berkley Apartments, Williamsburg Neighborhood, Brooklyn NY |
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| Jeffrey Julien |
NEW YORK, NY –– Holliday
Fenoglio Fowler, L.P. (HFF) announced 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.
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| Rob Hinckley |
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.
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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