2016 Year in Review: Adam Hess, TerraCRG

Adam Hess, TerraCRG

Name & Title: Adam Hess, Partner

Company Name: TerraCRG

What was your most notable project, deal, transaction or professional achievement in 2016?

We recently sold one of the most iconic buildings in Brooklyn, One Prospect Park West, for $84 million. The nine-story pre-war building contains approximately 169,410 s/f and is the largest building on Prospect Park West. We were able to close the deal after two years of litigation and negotiation.

What project, transaction, market trend or product had the greatest impact on your industry this year?

The market trend of 1031 exchange funds and foreign capital seeking the safe harbor of the New York City market continued to provide healthy demand for pre-war stabilized multifamily assets across the Brooklyn market.

How will you be supercharging your productivity in 2017? 

We are hiring two to three more associates for my team to increase our canvassing capability in order to provide additional coverage of the emerging neighborhoods in Brooklyn that more and more investors have started to express interest in.

What emerging trends will drive investment and development in 2017? 

I believe lower corporate taxes and a more business-friendly environment in general will help spur continued investment in real estate in Brooklyn.