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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