The Real Deal New York

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

Henry Street property sees flip after previous owner’s 50-year hold
By Mark Maurer | March 20, 2018 03:40PM

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.