TerraCRG Sells Four Brooklyn Multifamily Properties
Al Barbarino May 14, 2014, 8 a.m.
TerraCRG has arranged the sale of four Brooklyn multifamily buildings for $12.5 million.
Two of the properties are in Park Slope and the other two are in Carroll Gardens, according to an announcement from the firm.
“The volume of trades we are seeing in multifamily properties, particularly in the 8- [to] 20-unit range, appears to be a new focus for investors looking to participate in the Brooklyn boom,” said Adam Hess, a partner and SVP at TerraCRG, in a statement. Mr. Hess arranged the sales with Sam Shalumov and Chris Pechlivanides.
A four story, 20-unit building at 310 12th Street in Park Slope was sold for $6 million to New York-based Slate Property Group, and 14 Lincoln Place, a four story, eight-unit building, went to an Israeli investor for $3.5 million.
A local investor purchased the two four-story, eight-unit buildings at 96-98 Baltic Street, between Columbia and Hicks Streets in Carroll Gardens, for a combined $3.05 million.
The firm recently hosted its annual summit in Brooklyn, where during one segment a group of residential developers offered their views on the future of Brooklyn development.