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Novel Property Ventures

2019年6月17日 | 未分类 | No Comments

Novel Property Ventures sells BK Heights rental f上海龙凤论坛sh1f

or $36M after two years Henry Street property爱上海龙凤419桑拿

sees flip after previous owner’s 50-year hold

115 Henry Street and Bennat Berger

Bennat Charatan Berger and Andrew Miller’s Novel Property Ventures sold a Brooklyn Heights rental building long known as the Plymouth house after just two years, the firm told The Real Deal.

Investors George and Peter Eliou, which owns several Williamsburg buildings, closed last week on the $35.上海龙凤论坛

5 million purchase of the six-story, 32,000-square-foot property at 115 Henry Street.

Novel Property Ventures, founded in 2015 by BCB Property Management’s Berger and Excelsior Equities’ Miller, bought the buildi上海夜网

ng for $25 million as one of its first purchases in September. At the time, the deal was the building’s first trade in 50 years. The Heller family, associated with Melon Associates LLC, had long owned it.

Berger said the building’s 38 apartments are about 80 percent free market, and those units were renovated under their ownership. Novel ditched the Plymouth House name after purchasing the property.

“We sold because we had completed our business plan and continued our game plan of selling assets with limited near-term upside,” Berger said.

There were no brokers on the deal, he said.

The Elious, who made the purchase as part of a 1031 exchange, also own 125 and 127 Kent Avenue and 60 North 6th Street, records show. The family could not be reached.

Tags: Commercial Real Estate, Multifamily Market, Novel Property Ventures
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