Bennat Berger in the Press
JLL Arranges Financing Totaling $117.86 Million for 360-Unit Apartment Community in New Jersey
October 29th 2019 – JLL announced today it has arranged financing totaling $117.86 million for Everly Roseland, a 360-unit apartment community located in Roseland, Essex County, New Jersey. JLL worked on behalf of the borrower, Novel Property Ventures, to secure the $96.36 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management.
Atlas Real Estate Partners Acquires FL Property
August 28th 2018 – Attracted by the market’s strong apartment fundamentals including population, income and employment growth as well as the asset’s value-add potential, Atlas Real Estate Partners made its first multifamily acquisition in Jacksonville, Fla., with the purchase of the 400-unit Pier 5350.
Atlas, Novel Bag FL Asset
December 27th 2017 – A joint venture combining Atlas Real Estate Partners and Novel Property Ventures, both based in New York City, has acquired Urban Style Flats Apartments in downtown St. Petersburg, Fla. The 481-unit high-rise apartment community is situated within the vibrant, historic enclave known as the “Edge District,” a designated Florida Main Street district encompassing the area between MLK Jr. and 16th Streets, and 1st Avenues north and south.
BCB sheds more assets with $38M Crown Heights sale
February 2nd 2016 – BCB Property Management is continuing to divest its real estate holdings as co-founder Bennat Charatan Berger shifts his focus to a new venture. The firm just sold three Crown Heights rental buildings to two separate buyers for a total of $37.8 million. Sterling Equities, led by New York Mets bosses Fred Wilpon and Saul Katz, picked up a six-story, 51,000-square-foot property at 15-25 Crown Street for $20.8 million, or $408 per square foot. The elevator building has 58 apartments.
Berger, Miller buy Prospect Heights rental for pricey $450 psf
December 15th, 2015 – Novel Property Ventures acquired a six-story Prospect Heights rental building for $23.5 million, or roughly $450 per square foot – one of the highest prices per square foot paid for a property with rent-stabilized units in the neighborhood. The 51,000-square-foot building at 362-384 Lincoln Place, one block from Prospect Park, has 55 apartments. It last sold in 1993, to Financial District-based Galster Management.
Berger, Miller strike again with $25M Brooklyn Heights buy
September 3rd, 2015 – For the first time in 50 years, the Plymouth House, a six-story Brooklyn Heights rental building, has sold – and not to the pilgrims. Novel Property Ventures paid $25 million for the nearly 32,000-square-foot property at 111-115 Henry Street, just a week after making its debut purchase in the form of a 12-building portfolio, The Real Deal has learned. BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller, the heads of respective investment firms, launched the joint venture last month.
Novel Property Ventures Launches With $35M Multifamily Deal
August 31st, 2015 – BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller have joined forces to form Novel Property Ventures, a new investment firm, storming out of the gate with a $35M, 12-building multifamily portfolio purchase in Central Harlem. The properties total 130k SF and include three retail spaces, which the duo will renovate and operate as rentals.
BCB’s Berger, Excelsior’s Miller launch JV
August 27th, 2015 – BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller have teamed up to form a new investment firm, The Real Deal has learned. The company, Novel Property Ventures, burst out of the gate with a Central Harlem multifamily portfolio buy for $35 million. Treetop Development, a Teaneck, N.J.-based firm led by Adam Mermelstein, sold the 12-building, 132-unit package, which it purchased in 2013 for $22 million.