The Real Deal New York

Berger, Miller buy Prospect Heights rental for pricey $450 psf

Galster Management owned six-story elevator building for 22 years
By Mark Maurer | Twitter_logo_blue copy December 15, 2015 03:30PM

Novel Property Ventures acquired a six-story Prospect Heights rental building for $23.5 million, or roughly $450 per square foot – one of the highest prices per square foot paid for a property with rent-stabilized units in the neighborhood.

The 51,000-square-foot building at 362-384 Lincoln Place, one block from Prospect Park, has 55 apartments. It last sold in 1993, to Financial District-based Galster Management.

Novel Property Ventures – a joint venture between BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller — formed just four months ago, specializing in multifamily investments in Brooklyn and Upper Manhattan. The Union Square-based firm’s holdings include a 12-building Central Harlem package it bought for $35 million in August.

“The building is well-maintained and we intend to keep it as a rental for the foreseeable future,” Berger told The Real Deal. “We believe Prospect Heights is the most exciting submarket in northern Brooklyn.”

Rosewood Realty Group’s Aaron Jungreis served as the broker on the deal.

Elsewhere in the neighborhood, a four-story rent-stabilized building at 342-343 Prospect Place sold for about $590 per square foot, or $3.8 million, in June, records show.