Westbrook Partners Sells 95-Unit Williamsburg Rental For $69M
A Westbrook Partners and Largo Construction JV has sold The Berkley (pictured), a 95-unit luxury apartment building in Williamsburg to a JV of Trinity Place Holdings and Pacolet Milliken Enterprises for $69M.
Located at 223 North 8th St, the Berkley has a mix of studio, one- and two-bedrooms units, all of which feature nine- to 10-foot ceilings, washers and dryers, and balconies or terraces. It delivered earlier this year.
The building, which was built by Largo and leased by Bold New York, is 80% occupied.
The seller was repped by Holliday Fenoglio Fowler, which also secured $42.5M in financing for the buyer with a 10-year, floating-rate acquisition loan through Freddie Mac’s CME Program. The property has also received a 25-year, 421-a abatement.
The building also boasts a rooftop sun deck lounge with an outdoor kitchen, a two-story fitness center and yoga lawn, a 3,600 SF central courtyard, tenant and bike storage, a parking garage and views of the Manhattan skyline.