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TF Cornerstone Expands in Williamsburg with Multifamily Buy
(Updated with additional information)
Trinity Place Holdings Inc. has sold The Berkley, a 95-unit multifamily property in Brooklyn’s Williamsburg neighborhood, to TF Cornerstone for $71.02 million. Trinity Place had purchased a 50% interest in the property alongside Pacolet Milliken in December 2016.
“As the pandemic wanes, TF Cornerstone is resolute in our belief that NYC will continue to thrive and outperform other cities’ rent growth and occupancy rates,” said Zoe Elghanayan of TF Cornerstone. “We’re thrilled to continue expanding in Williamsburg and leverage our existing presence in the Brooklyn neighborhood.”
Matthew Messinger, CEO and president of Trinity Place added, “This further bolsters our investment thesis that even when interest rates are volatile and rising, high-quality multifamily assets in prime New York City neighborhoods remain in strong demand.”
Located at 223 N. 8th St., the Berkley includes 76 market-rate units and 19 affordable units. It maintained 99% occupancy over the past 12 months.
A JLL Capital Markets Investment Sales team of Jeffrey Julien, Rob Hinckley, Steven Rutman, John Taylor and Joy Ryoo arranged the sale for Trinity Place. Steven Klein, Geoff Goldstein, Ricky Song and Ryoo led the JLL Capital Markets Debt Advisory team that arranged $35.5 million acquisition financing on behalf of TF Cornerstone.
- ◦Sale/Acquisition
