Westbrook Partners Sells 95-Unit Williamsburg Rental For $69M

Courtesy of HFF

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Taconic Partners Sheds Another NYC Life Sciences Property

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing