Novel Property Ventures Launches With $35M Multifamily Deal
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BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller have joined forces to form Novel Property Ventures, a new investment firm, storming out of the gate with a $35M, 12-building multifamily portfolio purchase in Central Harlem. The properties total 130k SF and include three retail spaces, which the duo will renovate and operate as rentals. Bennat (pictured, left, with Benedict Realty Group's Daniel Benedict, Treetop Development's Adam Mermelstein and Ariel Property Advisors president Shimon Shkury) and Andrew picked up the portfolio from Mermelstein’s Treetop Development, which itself bought the 132-unit, 130k SF portfolio for $22M in 2013. The buildings are on Harlem's West 122nd Street, though it's unknown if the renovated spaces will match the $2.5k/month average rent Central Harlem properties usually command. [TRD]