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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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition