March 28, 2022

TerraCRG in $42M Sale of Brooklyn Apartment Portfolio

Brooklyn market specialist TerraCRG has closed on a $41.88 million sale of four elevator multifamily buildings in Midwood.

On the market for the first time since being built in the 1940s, the unique portfolio comprises a total of 246 fully rent-stabilized units:

·  550 East 21st Street, a 54-unit building located just north of Ditmas Avenue, also features 28 parking spaces.

·  850 East 17th Street, a 35-unit building, is located less than two blocks from the Q train stop at Avenue H.

·  855 East 19th Street, a 60-unit building, is situated next to Ocean Avenue and Brooklyn College.

·  3111 Aurelia Court, the largest of all the properties, features 97 total units and 30 parking spaces and is located adjacent to the Triangle Junction shopping center.

Purchased by a large owner of rent-stabilized assets, TerraCRG was able to achieve a sub 5% cap rate on the sale, which is a significant premium on the typical rent-stabilized transactions within Brooklyn.

TerraCRG partners Ofer Cohen, Matt Cosentino, and Daniel Lebor exclusively represented the seller on this deal alongside associates Isaiah Thomas and Ben Robbins.

Read more here.