Hess of TerraCRG sells eight-family building in Park Slope for $3.1 million

Adam Hess, partner and senior vice president of TerraCRG, has closed on the sale of 181 12th St. in the Park Slope / Gowanus neighborhood. The sale was handled by Hess and his team, senior associate Sam Shalumov and associate Chris Pechlivanides. The 5,880 s/f eight-unit building is located between Third Ave. and Fourth Ave. in prime Park Slope on the border of Gowanus. The building is comprised of six one bedrooms, one studio, and one duplex. The property closed for $3.1 million, which equates to $527 per s/f and $387,500 per unit. The building sold for 18x rent roll and for less than a 4% CAP rate. The property is located near the new Whole Foods, and just blocks from neighborhood retailers like Four & Twenty Blackbirds and Park Slope ChipShop. The building is less than two blocks from the Fourth Avenue F and G trains. "We are very happy we were able to achieve over $3 million for an eight-family between Third and Fourth Ave.," said Hess. "It is a testament to the growing strength and desirability of the Gowanus neighborhood."