2 Multifamily buildings in Prospect Avenue
460-462 Prospect Avenue
Closed 01/10/2018 at
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TerraCRG, Brooklyn’s leading commercial real estate brokerage firm, is pleased to announce the sale of 460-462 Prospect Avenue, two adjacent multifamily buildings situated just blocks from Prospect Park. TerraCRG’s Adam Hess, Partner, Eddie Setton, Vice President, and Aaron Birns, Senior Associate, handled the transaction which closed for $6.3M.
The 16-unit, 15,120 SF property is comprised of 16 two-bedroom apartments; of which nine are rent-stabilized and seven are free-market. The gross annual income is $395,064 and the NOI is $309,712. The seven free market apartments have an average rent of $3,045, while the nine rent stabilized units are renting for $1,253. “We think this transaction is a good reflection of where the market is today. The property sold for a reasonable return of 4.5% and was purchased by a foreign buyer looking to park capital in Brooklyn,” said Adam Hess, Partner at TerraCRG.
Located in Park Slope, one of NYC’s most desirable neighborhoods, the building sits across from Grand Army Plaza and Prospect Park and is within walking distance of many Brooklyn institutions, including the Brooklyn Museum, Brooklyn Public Library, Barclays Center and the Brooklyn Botanic Garden. The immediate area has become the center of cultural activity in Brooklyn, and therefore the most desirable amongst investors and residents alike.