The joint venture partnership of Muss Development, LLC and Bedrock Real Estate Partners, LLC has acquired 180 Franklin Avenue for $66.5 million.
Located in Brooklyn’s Clinton Hill, the newly developed, 118-unit luxury residential rental property includes a mix of studios, one- and two-bedroom apartments.
Adam America Real Estate built the 80,000 s/f building between Myrtle and Willoughby Avenues as a rental.
Citi Habitats New Developments is the exclusive marketing and leasing agent for the property lead by David Maundrell and Alex Saltalamacchia. Lease-up of the property will begin immediately.
“We have invested in numerous Brooklyn residential buildings and are excited to partner with Muss on 180 Franklin Avenue,” said Bedrock Principal Chuck Berman. “This new residential property fits in perfectly with the neighborhood and will benefit from the tremendous amount of activity surrounding it.”
“We have a long history of owning, building, and buying a wide range of properties throughout Brooklyn,” said Muss Principal Jason Muss. “This new, well-located, luxury residential property at 180 Franklin Avenue dovetails with our overall investment strategy, and will make an excellent addition to our portfolio. We expect the property to lease up quickly.”
Situated between Myrtle and Willoughby Avenues, 180 Franklin Avenue near Pratt Institute, Williamsburg, DUMBO, The Brooklyn Navy Yard, and the Manhattan Bridge. The residential property is also in close proximity to the G subway line, providing convenient access to all areas of Brooklyn, Queens, and Manhattan.
Building amenities include an attended lobby, social lounge, landscaped roof terrace with barbeques, extensive seating and beautiful skyline views, modern fitness center, work-from-home space, art studio and gallery, music rehearsal space, car parking, and bicycle storage.
A Cushman & Wakefield capital markets team of Gideon Gil, Chris Moyer, John Spreitzer, and Alex Lapidus served as exclusive advisor on the transaction.
Carl Schwartz and Anthony Bonan of Hunton & Williams LLP provided legal counsel on behalf of the Muss/Bedrock joint venture in the acquisition.