TerraCRG announced the sale of two 16-unit multifamily buildings in Crown Heights and Sunset Park. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin were the sole brokers for both properties, located at 851 Franklin Avenue in Crown Heights, and 4109 Seventh Avenue in Sunset Park. Combined, the properties sold for $8,900,000.
• 851 Franklin Avenue is a fully-renovated, 16-unit multifamily building containing 8,440 s/f. The unit mix consists of six, two-bedrooms, six studios and four, one-bedroom apartments. The property sold for $5,500,000, which equates to approximately $652 per SF and $343,750 per unit.
• 4109 Seventh Avenue is a 16-unit multifamily building located in Sunset Park. The building sold for $3,400,000, which equates to $257 per SF and $212,500 per unit. This is the second deal that Team Hess has done with the buyer, Sugar Hill Capital Partners, on this block.
Read more here.