719-723 & 704 Eighth Avenue, Brooklyn, NY 11215
Closed in 2015 at $37,000,000
Adam Hess, along with his team, were the sole brokers in the sale of a 47-unit portfolio on 8th Avenue in Park Slope. In 2012, the buildings were purchased by Redsky Capital for $16,000,000 and repositioned by renovating 32 of the 45 units and adding three rooftop duplexes. When deciding to sell, Redsky Capital ultimately awarded TerraCRG the assignment due to the firm’s exclusive Brooklyn focus and Team Hess’ large market share in Park Slope, having handled 40% of the neighborhood sales in 2013 and 2014.
About this Property
Process & Result
- The team conducted a formal marketing process, targeting 2013 exchange buyers, foreign investors, institutional funds and large Brooklyn and Manhattan family owners
- After just 45 days, the team obtained over 30 offers for the seller
- The team conducted three highest and best bidding rounds, increasing the sale price by 15%, which resulted in an additional $6,000,000 for the seller
- The purchaser was a foreign buyer with multiple Manhattan and Brooklyn assets that utilized a 1031 exchange to acquire the properties. The property sold for $37,000,000, translating to a 4% cap rate, $787,000 per unit and $811 per gross SF
The Eighth Avenue portfolio traded for over $811-per-square-foot, a level unseen previously for Park Slope multifamily trades.