A multifamily portfolio spanning four buildings in the Midwood section of Brooklyn has been sold for $41.8 million, brokerage TerraCRG announced.
The last time the buildings were sold was in the 1940s, TerraCRG said.
TerraCRG partners Ofer Cohen, Matt Cosentino, and Daniel Lebor along with Isaiah Thomas and Ben Robbins exclusively represented the seller. The buyer was undisclosed.
The portfolio, which contains 246 rent-stabilized units, was sold as a portfolio to maximize value to the seller, Cosentino said.
There are 44 studios, 77 one-bedroom apartments, 100 two-bedroom units and 25 three-bedroom units.
The portfolio consists of the following:
- 550 E. 21st St., which contains 54 units located north of Ditmas Avenue containing 28 parking spaces.
- 850 E. 17th St., which contains 35 units two blocks from the Avenue H subway station providing Q train access.
- 855 E. 19th St., which contains 60 units near Ocean Avenue, Brooklyn College, and the Brooklyn Collge subway station providing 2 and 5 subway access.
- 3111 Aurelia Court, which contains 97 units, 30 parking spaces and close proximity to the Triangle Junction shopping center.
“We anticipated a strong reception of these assets in the market and this portfolio is a testament to the resilience of the Investment Sales market in Brooklyn,” Cohen said. “Investors continue to seek large assets in the borough.”
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