New York & Tri-State + Outer + Apartments | March 24, 2021

Meridian’s Team Hess Trades Elevator Building in Brooklyn’s Park Slope

Meridian’s Adam Hess and Edward Setton recently sold 70 Prospect Park West, a six-story multifamily property in Brooklyn’s Park Slope neighborhood. The elevator building sold to Greg Fournier of Greenbrook Partners for $15 million, averaging $410 per square foot and exceeding 5% cap rate.

70 Prospect Park West is located directly across the street from Prospect Park. It contains 30 two- and three-bedroom apartments across 36,363 square feet on a 9,298-square-foot lot.

In addition to immediate proximity to the park, residents benefit from access to Grand Army Plaza, the Brooklyn Museum, Brooklyn Botanic Garden, and an array of shops, restaurants and bars on both 5th and 7th avenues.

Hess and Setton said, “Assets of this caliber rarely trade, and we believe this to be just the start of a period of significantly increased transaction volume in both Brooklyn and New York City in 2021.”

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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 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).