Hudson pays $50M for six-building Bergen Beach complex

Mattone Group, Gartenstein Properties' Bergen Gardens has 144 apartments
June 10, 2016 02:39PM

Bergen Gardens at

Bergen Gardens at 1054-1096 Bergen Avenue

David Kramer’s the Hudson Companies picked up a 168,000-square-foot rent-stabilized multifamily complex in Bergen Beach.

The developer paid $50 million to the Mattone Group and Gartenstein Properties for the six-building Bergen Gardens complex at 1054-1096 Bergen Avenue. The deal includes a parking lot that’s been cleared for 5,100 square feet of retail development by the city’s Board of Standards and Appeals, the Commercial Observer reported.

The asking price for the property was $58 million. Cushman & Wakefield’s James Nelson, Aliaks Svetlakou and Mitchell Levine and members of the Gartenstein family represented the sellers. Hudson was represented in-house.

The complex’s 144 apartments are 98 percent occupied, Svetlakou told the website. The average rent there is about $1,680 per month.

The sellers decide to part with the property because “wanted to diversify their portfolio by exchanging into retail properties nationwide,” Nelson told the website.

Hudson’s Alison Novak told the Observer her company plans to continue operating the building as is. [CO]Ariel Stulberg