Bergen Gardens multifamily complex asking $58M

Developer Victor Gartenstein owns Bergen Beach apartments, commercial space

New York /
May.May 28, 2015 12:45 PM

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


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
Multifamily sector beating the odds

Multifamily sector beating the odds

Multifamily sector beating the odds
The discrimination suit filed against Cushman alleges the firm underpaid an employee of color — along with others on his team — compared to white colleagues. (iStock)

Ex-Cushman employee accuses firm of pay discrimination

Ex-Cushman employee accuses firm of pay discrimination
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
From left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...