CoStar

Naftali Grp Sells 316 Bergen for $52.2M

December 17, 2014

The Naftali Group has sold The Bergen, a new luxury apartment building at 316 Bergen St. in Brooklyn, NY, to a private European investor for $52.2 million, or about $621,000 per unit.

Opened in May 2014, the eight-story, 54,697-square-foot multifamily property is located in the Boerum Hill submarket of Kings County, near trendy Atlantic Avenue, Prospect Park, a number of transportation options, Brooklyn Academy of Music, Barclays Center, and the recently-opened Whole Foods.

It is comprised of a mix of studios, one-, and two-bedroom apartments with spacious interiors designed by ODA Architecture, and features a distinct lobby under 84 units with condo-like finishes and amenities including a fitness center with outdoor yoga space, private storage, landscaped rooftop deck, doorman and concierge, and on-site valet parking.

“We were one of the first developers to see the potential of this neighborhood, and we were able to fill a void in the market no one else was addressing,” said Miki Naftali, chairman and CEO of The Naftali Group. “The Bergen successfully raised the stakes for rental properties in the neighborhood, bringing greater expectations for high-end design and first class amenities and services to the area.”

Woody Heller, Will Silverman, and Eric Negrin of Savills Studley represented the seller.

“This is an ideal investment for offshore purchasers,” concluded Borja Sierra, executive managing director and head of U.S. Capital Markets for Savills Studley. “It offers safe returns and compelling growth prospects in a market that is well positioned for the future.”