The Real Deal New York

Westbrook, Largo sell new W’burg rental the Berkley for $69M

Trinity Place, Pacolet Milliken scoop up 95-unit complex on North 8th St.
By E.B. Solomont | December 06, 2016 12:55PM

The Berkley at 223 North 8th Street in Williamsburg

The Berkley at 223 North 8th Street in Williamsburg

UPDATED: Dec. 7, 11:28 a.m.: Westbrook Partners and Largo are cashing out on their development of the Berkley, a 95-unit Williamsburg rental property that opened earlier this year.

Trinity Place Holdings and Pacolet Milliken Enterprises paid $68.8 million for the seven-story structures at 223 North 8th Street, the companies said. Freddie Mac provided a $42.5 million interest-only senior loan.

HFF’s Jeff Julien, along with Rob Hinckley, Andrew Scandalios and Steven Rutman represented the sellers. Steven Klein and Geoff Goldstein, also of HFF, represented the buyers.

The Berkley, which launched leasing in the spring, consists of two buildings connected by a courtyard. The apartments range in rent from a studio asking $2,930 a month to a three-bedroom asking $6,693, according to StreetEasy.

In a statement, Trinity Place Holdings CEO Matthew Messinger cited the allure of the “supply constrained” market in Williamsburg.

The average rent for a Williamsburg studio was $2,754 in October, according to MNS TRData LogoTINY. The average rent for a one-bedroom was $3,132.

In October, Pacolet — controlled by shareholders of the chemical and textiles giant Milliken & Company — paid $52 million for 341 Eastern Parkway, a 63-unit residential building in Crown Heights.

Outside of Brooklyn, Trinity Place Holdings is developing a 90-unit condo at 77 Greenwich Street in the Financial District. The project, which will be known as 42 Trinity Place, is located at the site of the shuttered Syms clothing store, and will rise 40 stories.