BCB sells W’burg rental to German investor for $23M

The 41-unit building on South 3rd Street spans nearly 39K sf

TRD New York /
May.May 17, 2017 05:00 PM

218 South 3rd Street and Bennat Berger

BCB Property Management sold a six-story Williamsburg apartment building to a German real estate investor for $23 million, sources told The Real Deal.

The building at 218 South 3rd Street has 41 units across 38,700 square feet, according to PropertyShark. The purchase of the six-story building between Roebling and Havemeyer streets is buyer Millennium Venture Capital AG’s first purchase of New York City real estate, sources said.

BCB Property Management, a Union Square-based landlord, paid $12.8 million for the property in 2014, records show.

This building sold for a sub-4 percent cap rate, according to TerraCRG’s TRData LogoTINY Adam Hess, who represented BCB along with Eddie Setton and Nicole Rabinowitsch. The Britannia Group’s Jacob Rogosnitzky and David Zlotnick represented the buyer.

“With the imminent temporary shutdown of the L train, you are going to see more activity and growth in South Williamsburg,” said Zlotnick.

BCB is co-owned by Debrah Lee Charatan and son Bennat Charatan Berger. Over the past 18 months, BCB has been divesting its real estate holdings as Berger shifts his focus to his investment firm Novel Property Ventures.

Representatives from BCB declined to comment.

(To view a list of commercial sales transactions over $20M in Williamsburg, click here)


Related Articles

arrow_forward_ios
John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios