February 1, 2017

TerraCRG Sells $16M Multifamily Building

Feature Property News

Commercial Observer

The property, at 427-433 Dean Street between Fourth and Fifth Avenues, is 200 feet from Barclays Center. It is comprised of 34 rental units (primarily two-bedroom apartments), half of which are rent-stabilized, Adam Hess, a partner at TerraCRG, told CO. Their average rent is $2,500 per month. (Hess and TerraCRG’s Ofer Cohen, along with their sales teams, represented both sides in the deal.)

“It was a unique opportunity to buy a 34-rental unit building that close to the Barclays Center,” Hess said. He noted that Shake Shack is directly behind the structure and there is a lot of buzz on Flatbush Avenue.

Read more here.