Bergen Gardens multifamily complex asking $58M

Developer Victor Gartenstein owns Bergen Beach apartments, commercial space

TRD 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

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

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”

Numbers were down across the board (Credit: iStock)

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

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Alex Rodriguez

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio