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Meridian’s Team Hess Handles Park Slope Sale
Meridian Investment Sales sold 396 7th Ave., a corner mixed-use property in Brooklyn’s Park Slope neighborhood, for $4.55 million. The property sold for $628 per square foot and a capitalization rate of 5.5%.
Senior managing director Adam Hess, VP Edward Setton and associate Lane Matalon represented the seller, Slope Realty, and procured the buyer.
396 7th Ave. is a four-story, 7,244 square foot mixed-use property situated between 12th and 13th Streets in Park Slope. The building contains two commercial and six residential units, which the sponsor plans to renovate and reposition.
“We were pleased to be able to complete another transaction of a prime Park Slope property during COVID-19,” said Hess. “We are seeing more buyers enter the marketplace that see long-term value in the Brooklyn market and expect transaction volume to continue to rise in the near future.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition