TerraCRG announced the sale of two 16-unit multifamily buildings in Crown Heights and Sunset Park. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin were the sole brokers in both properties, located at 851 Franklin Avenue in Crown Heights, and 4109 7th Avenue in Sunset Park. Combined, the properties sold for $8, 900, 000.
“These two transactions in Crown Heights and Sunset Park demonstrate the continued strength for midmarket, multifamily assets throughout various neighborhoods in Brooklyn, ” said Adam Hess, Partner at TerraCRG.
851 Franklin Avenue is a fully-renovated, 16-unit multifamily building located in the Southern part of Crown Heights between President Street and Union Street. Situated just one block from Prospect Park, the property contains approximately 8, 440 square feet. The unit mix consists of six, two-bedrooms, six studios and four, one-bedroom apartments. The cellar space of the building includes bike storage, laundry and storage lockers for tenants. The property sold for $5, 500, 000, which equates to approximately $652 per SF and $343, 750 per unit.
4109 Seventh Avenue is a 16-unit multifamily building located in Sunset Park. The building sold for $3, 400, 000, which equates to $257 per SF and $212, 500 per unit. This is the second deal that Team Hess has done with the buyer, Sugar Hill Capital Partners, on this block. In 2014, Sugar Hill Capital Partners purchased 4103 Seventh Avenue, just a few buildings away from this most recent transaction. Additionally, Team Hess previously sold 4121 Seventh Avenue, making 4109 Seventh Avenue their third transaction completed on this block.