TerraCRG Brings Three Brooklyn Multi-Families to Market for $8 M.
Al Barbarino Dec. 17, 2013, 7:45 a.m.
TerraCRG has been retained as the exclusive agent for the sale of three eight-unit multifamily buildings in Park Slope, Cobble Hill, and Boerum Hill in Brooklyn for a combined $8.15 million.
The properties at 359 12th Street, 372 Baltic Street, and 278 Dean Street are being marketed individually, with an announcement from the firm noting their “tremendous upside,” with rents averaging approximately $20 per square foot in a market where rents exceed $50 per square foot.
“We’re pleased to bring these assets to market to satisfy the substantially increasing demand we’ve seen in the last two years from traditional Manhattan buyers as well as international investors to acquire multifamily buildings in prime Brooklyn neighborhoods like Park Slope, Cobble Hill, and Boerum Hill,” said TerraCRG’s Adam Hess, who is serving as exclusive agent for the buildings, in a statement.
The firm is marketing the 6,700-square-foot multifamily building at 359 Twelfth Street in Park Slope for $2.65 million; the 7,080-square-foot building at 372 Baltic Street for $2.75 million; and the 7,200-square-foot 278 Dean Street in Boerum Hill for $2.75 as well.
The firm on average has completed over 70 transactions a year in Brooklyn, according to the announcement TerraCRG has closed on the sale of two commercial units at the TOREN condominium at 150 Myrtle Avenue in Downtown Brooklyn for a combined $9 million.