Novel Property Ventures sells BK Heights rental for $36M after two years

Henry Street property sees flip after previous owner’s 50-year hold

New York /
Mar.March 20, 2018 03:40 PM
115 Henry Street and Bennat Berger

115 Henry Street and Bennat Berger

Bennat Charatan Berger and Andrew Miller’s Novel Property Ventures sold a Brooklyn Heights rental building long known as the Plymouth house after just two years, the firm told The Real Deal.

Investors George and Peter Eliou, which owns several Williamsburg buildings, closed last week on the $35.5 million purchase of the six-story, 32,000-square-foot property at 115 Henry Street.

Novel Property Ventures, founded in 2015 by BCB Property Management’s Berger and Excelsior Equities’ Miller, bought the building for $25 million as one of its first purchases in September. At the time, the deal was the building’s first trade in 50 years. The Heller family, associated with Melon Associates LLC, had long owned it.

Berger said the building’s 38 apartments are about 80 percent free market, and those units were renovated under their ownership. Novel ditched the Plymouth House name after purchasing the property.

“We sold because we had completed our business plan and continued our game plan of selling assets with limited near-term upside,” Berger said.

There were no brokers on the deal, he said.

The Elious, who made the purchase as part of a 1031 exchange, also own 125 and 127 Kent Avenue and 60 North 6th Street, records show. The family could not be reached.


Related Articles

arrow_forward_ios
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
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”
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
New York’s multifamily market had its slowest first half of the year since 2011
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Durst Organization Chairman Douglas Durst, Venable LLP Chairman Stuart Ingis and 151 West 42nd Street (Getty, Venable)
Durst’s One Five One inks 158K sf lease for law firm tenant
Durst’s One Five One inks 158K sf lease for law firm tenant
Signature Bank CEO Joseph DePaolo (Signature Bank, iStock)
Signature Bank reports record results
Signature Bank reports record results
Ira Zlotowitz, president of Eastern Union, is starting his own company (Photo Illustration / Getty, Eastern Union)
Ira Zlotowitz leaving Eastern Union to start new company
Ira Zlotowitz leaving Eastern Union to start new company
1 North Moore and Platinum Properties CEO Khashy Eyn (Google Maps, Platinum Properties)
Tribeca penthouse rents for $85K per month, possibly setting NYC record
Tribeca penthouse rents for $85K per month, possibly setting NYC record
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...