TerraCRG recently closed on the sale of a seven-unit rent-stabilized property at 42 St. Johns Pl. in Brooklyn’s Park Slope neighborhood. TerraCRG partner Matt Cosentino exclusively represented the seller, Ken Solomon, in the off-market transaction.
“This property has been in the seller’s family for nearly six decades, and we are pleased to have fulfilled his request for a quick closing by bringing the buyer to the table through our deep and extensive network of Brooklyn investors,” said Cosentino,. “The first quarter of 2021 is shaping up to be a strong one for multifamily transactions in the borough.”
Saint John Brownstone Holdings purchased the four-story, 3,420-square-foot property for $1.5 million. The price reflects a 5.5% capitalization rate at $439 per square foot.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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