Hess of TerraCRG secures sale for $4.159 million

Adam Hess, partner and senior vice president of TerraCRG, closed on the sale of the 4103 Seventh Ave. in the Sunset Park neighborhood. The sale was handled by Hess and his team, senior associate Sam Shalumov and associate Edward Setton. The 20-unit multifamily property is located on the corner of Seventh Ave. between 41st St. and 42nd St., directly across from Sunset Park. The four-story, 14,456 s/f building sold for $4.159 million which equates to 13 times rent roll and $207,000 per unit. The neighborhood has been experiencing a large influx of tenants due to Jamestown Properties' conversion of Bush Terminal into Industry City, a modern innovation and manufacturing district located along the Sunset Park waterfront. The 17 building complex is home to an assortment of small businesses and manufacturers, including artists' studios, culinary start-ups, vodka distillers, boutique clothiers, and furniture designers. The building is located two blocks from Sunset Park's booming Fifth Ave. retail corridor. which is lined with a mix of boutiques, restaurants, and several national tenants. The property is only one block from Eighth Avenue, which is one of Brooklyn's busiest retail corridors. The building is five blocks from the N and R trains at Fourth Avenue and 36th Street and is accessible to the D train at Ninth Avenue and New Utrecht Avenue station. "This transaction is a testament to the vigorous interest investors have to get in on the Sunset Park market, especially for assets on the park and within walking distance of Industry City," said Hess. "The seller was able to capitalize on Sunset Park's resurgence and sell at the right time while the purchaser is betting that this area will continue its ascent to a first class Brooklyn locale," Hess adds.