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New York & Tri-State  + Outer  + Apartments  | 
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.

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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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