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TerraCRG in $41.8M Sale of Brooklyn Apartment Portfolio

TerraCRG in $42M Sale of Brooklyn Apartment Portfolio

Brooklyn market specialist TerraCRG has closed on a $41.88 million sale of four elevator multifamily buildings in Midwood. 

On the market for the first time since being built in the 1940s, the unique portfolio comprises a total of 246 fully rent-stabilized units:

·  550 East 21st Street, a 54-unit building located just north of Ditmas Avenue, also features 28 parking spaces.

·  850 East 17th Street, a 35-unit building, is located less than two blocks from the Q train stop at Avenue H.

·  855 East 19th Street, a 60-unit building, is situated next to Ocean Avenue and Brooklyn College.

·  3111 Aurelia Court, the largest of all the properties, features 97 total units and 30 parking spaces and is located adjacent to the Triangle Junction shopping center.

Purchased by a large owner of rent-stabilized assets, TerraCRG was able to achieve a sub 5% cap rate on the sale, which is a significant premium on the typical rent-stabilized transactions within Brooklyn.

TerraCRG partners Ofer Cohen, Matt Cosentino, and Daniel Lebor exclusively represented the seller on this deal alongside associates Isaiah Thomas and Ben Robbins.


Inside The Story

TerraCRG's CohenMatt CosentinoDaniel Lebor

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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