The Real Deal New York

Bergen Gardens multifamily complex asking $58M

Developer Victor Gartenstein owns Bergen Beach apartments, commercial space

May 28, 2015 12:45PM

Bergen Gardens multifamily complex in Brooklyn and James Nelson

Bergen Gardens complex in Brooklyn and James Nelson

Victor Gartenstein’s six-building Bergen Gardens multifamily complex and an adjacent commercial space in Brooklyn’s Bergen Beach neighborhood are on the market and asking $58 million.

The portfolio features six apartment buildings – at 1061, 1073 and 1089 East 73rd Street and 1054, 1070 and 1086 Bergen Avenue – as well as a commercial retail pad site. The six walkup, garden-style buildings feature 144 residential units across roughly 168,000 square feet.

Gartenstein, a Brooklyn developer, owns the Bergen Gardens complex through his Ralph Avenue Associates LLC, according to city property records. Gartenstein did not respond to a request for comment.

A Cushman & Wakefield team led by James Nelson is the exclusive broker for the site, which was built in two phases in 2004 and 2006 under a city Housing Development Corporation program. The residential portfolio, which is asking $55 million, benefits from the 421a tax abatement program.

The commercial and retail pad site is located adjacent to the residential buildings, with approved plans and permits from the city’s Board of Standards and Appeals for a 5,200-square-foot retail building and 18 on-site parking spaces. The asking price for the commercial site is $3 million. – Rey Mashayekhi