Hess of TerraCRG sells two multifamily properties totaling 36 units for $4.48 million

According to TerraCRG, one of Brooklyn's leading commercial real estate brokerage firms, Adam Hess, partner and senior vice president of TerraCRG has closed on the sale of the multifamily buildings at 219 East 17th St. and 2201 Cortelyou Rd. in the Prospect Park South and Ditmas Park/Flatbush neighborhoods. The properties were marketed together and sold for $4.48 million. 219 East 17th St. is located between Albermarle Rd. and Beverley Rd. in Prospect Park South. The 17,000 s/f property has 14 two bedroom apartments and two 3 bedroom apartments. The building currently produces rental income of $215,000 annually and is located just three blocks from Prospect Park. 2201 Courtelyou Rd. is located on the corner of Cortelyou Road and East 22nd Street in Ditmas Park/Flatbush. The 18,000 SF building has eleven 1 bedroom apartments and nine 2 bedroom apartments. The building currently produces an annual rental income of approximately $260,000. The property is located one block off the Flatbush commercial corridor and within walking distance of Prospect Park and the trendy cafés and restaurants in the neighborhood. The property is located near the Q, 2, and 5 trains. "We have seen a tremendous increase in demand from investors for multifamily assets in Central Brooklyn neighborhoods like Prospect Park South and Flatbush. The fact that 2201 Cortelyou Rd. and 219 E. 17th St. sold for a 5.5% CAP rate demonstrates this increased demand as well as the growth of these neighborhoods," said Hess, who specializes in the sale of mixed use and multifamily investment assets in Brooklyn.