A rare luxury residential rental building in Boerum Hill, The Bergen at 316 Bergen St., is on the sales block and could garner well over $50 million.
The property on the corner of Brooklyn’s Third Avenue has 84 apartments in about 55,000 square feet, so market sources believe the price tag would pencil out at just over $1,000 per foot.
Developed with condo finishes and luxury amenities by the Naftali Group with capital partner AEW Capital Management, the building now fetches rents in the low $60s per foot and a Savills Studley team has been hired to market it with an eye on a condo conversion.
“The supply-demand imbalance between the desirability of brownstone Brooklyn and the lack of luxury product is unmatched anywhere else in New York City,” observed Woody Heller, who heads the Savills Studley capital markets team that includes Will Silverman, Eric Negrin and Daniel Parker.
Two more tiny deals will suck up a bit more of the available square footage at One World Trade Center.
Legends Hospitality, which is creating the building’s upcoming One World Observatory on the 100th through 102nd floors, will use a 4,759-foot slice on the 45th floor for its offices for the next 10 years. The group will move into the west-facing prebuilt this fall while the viewing experience should open next spring.
Another prebuilt of 2,191 feet on the 46th floor will be occupied by the London-based BMB Group. The company, which advises sovereign wealth funds, will relocate its US offices from 7 World Trade Center across the street to a larger spot with northern and Hudson River views.
Legends handled its side in-house while BMB was rep’d by Jonathan Fein of Cushman & Wakefield.
Eric Engelhardt of the Durst Organization along with a Cushman & Wakefield team led by Executive Vice Chairman Tara Stacom represented the ownership, which has a $75-per-foot asking rent for 94,000 square feet of prebuilts on the 45th and 46th floors.
Pzena Investment Management will leave Tower 45 at 120 W. 45th to move to 36,996 feet on the eighth floor at 320 Park Ave.
The 35-story building owned by Mutual of America sits on the entire blockfront between 50th and 51st streets.
Ken Ruderman of Savills Studley represented the tenant while MoA, which occupies 300,000 feet of the 730,000-foot tower, was represented by Frank Doyle, Dave Kleiner and Dan Kollar of JLL.
Space is rarely available but when it is, we hear asking rents in the base run from the mid-$80s to what sources said are up to $120 per foot in the tower floors that set back from 19,000 to a slender 8,000 feet.
A San Francisco-based private investment firm for ultra-high net worth folks, unlike us, Iconiq Capital Group, has signed a lease for a city headquarters at 15 E. 26th St. next to Madison Square Park. The company invests funds for many young techies who have become overnight millionaires and billionaires.
Inked at $79 per foot, the rent for 6,000 feet on the sixth floor is apparently the highest so far in this area.
Raphael De Niro and Evangelos Karras of Douglas Elliman Real Estate represented Iconiq. “It’s a very young vibrant part of town and there are several tech companies in the area. It also overlooks the park,” said De Niro.
As their primary focus is residential, De Niro and Karras are also helping some Iconiq executives find apartments.
Mitchell Konsker, Matt Polhemus and Brittany Wunsch of JLL represented the Rockrose Development ownership in the lease transaction — the first since the company bought the 150,000 feet on the first eight floors in December for $105 million.
Speaking of San Francisco, Houston-based Hines is developing the 65-story, 1.4 million-square-foot and 1,070-foot high Salesforce Tower in the city by the bay.
It plans on installing an entire curtain wall that will generate all the building’s electricity, according to Vice Chairman C. Hastings “Hasty” Johnson.
“In 10 or 15 years, all the buildings will be net zero,” Johnson told the National Association of Real Estate Editors who were meeting at the Westin Oaks Houston at the Galleria. But Johnson also wondered, just as we have, what will happen when new, taller towers block and shadow buildings that rely on their solar walls for their energy and not just views. See you in court!
While in Houston we toured, among other places, the Hines-developed hotel, the adjacent Galleria mall, which has tenants like Prada and Fendi overlooking a central indoor ice skating rink, and Hines’ connected and newly developed luxury rental building at WaterWall Place.