Second Brooklyn project for Manhattan developer
Compiled by Linda Collins
Brooklyn Daily Eagle
BOERUM HILL — A new residential development, described as a “Class A midrise luxury apartment property,” will soon be constructed on vacant land at 316 Bergen St. in Boerum Hill.
The closing has just taken place for a new 85-unit project that is a joint venture between The Naftali Group, a developer, and AEW Capital Management, a real estate investment firm. Aptsandlofts.com has been selected to handle the leasing.
A check of Department of Buildings records reveals an application is in process for the eight-story, 60,472-square-foot building situated between Third and Fourth avenues. Earlier records reveal that a previous owner had demolished a three-story building and two one-story structures on the now-vacant property.
According to the developers, there initially were plans for a Kark Fischer-designed condominium development, which were abandoned following the approval of the Boerum Hill upzoning. The new owners then acquired the site and redesigned the project as a rental development with architect P. Christian Bailey of ODA Architecture.
The development will feature a roof deck with 360-degree views of Brooklyn and Manhattan plus cabanas, sunbeds and a grill and dining area, according to David Maundrel of Aptsandlofts.com. It will also have 45 parking spaces, an attended lobby, a health club, storage spaces, a lounge and landscaped courtyard.
Maundrel said he expects to start marketing and leasing in summer 2013.
“316 Bergen St. will be one of the premier buildings in the neighborhood,” said Miki Naftali, chairman and CEO. “While we are already in the process of developing a 104-unit luxury rental down the road at 267 Sixth St. in Park Slope, upon being presented with this unique opportunity, we took it. Having AEW partner with us in the venture further supports our belief in the strength of the market.”
Aptsandlofts.com is also working on the 12-story 267 Sixth St. development, which will be named Landmark Park Slope and will be on the market within 18 months.
Noting that this joint venture expands his firm’s real estate portfolio in the city, Anthony Crooks, a director at AEW, said, “We are delighted to invest in this high-quality, well-located site to develop a luxury rental property in Brooklyn. We believe the property will attract young professionals and families looking for affordable, quality housing, good amenities and access to public transportation.”
Sean Kelly of CPEX Real Estate in Downtown Brooklyn marketed the property and handled the transaction.
CAP: A rendering of the new 85-unit development planned for vacant land at 316 Bergen St. in Boerum Hill. Rendering courtesy of The Naftali Group