Hess, Shalumov, Pechlivanides and Setton of TerraCRG close $4.75 million sale of three-building

Adam Hess, partner and senior vice president of TerraCRG, has closed on the sale of the three-building package located at 608-612 Flatbush Ave. in the Prospect Lefferts Gardens neighborhood. The sale was handled by Hess and his team, senior associate Sam Shalumov and associates Chris Pechlivanides and Edward Setton. The three contiguous buildings are located between Rutland St. and Fenimore St. The 16,749 s/f package is comprised of 21 residential units and three commercial spaces. The buildings sold for $4.75 million, which equates to $284 per s/f, $197,917/unit, and a 5.3% CAP rate. "We were able to achieve a premium for the seller of almost $200,000 per unit by finding a 1031 exchange buyer looking for exactly this type of product," said Hess. "The buyer will benefit from significant upside in the rent roll as well as the tremendous growth we continue to see in Prospect Lefferts Gardens." TerraCRG is the only commercial real estate firm focused solely on Brooklyn transactions. In just six short years, TerraCRG has established itself as a true market leader. The firm is completing over 70 transactions a year in Brooklyn by breaking the mold and customizing its approach to suit the needs of investors, property owners, developers, and lenders. Since 2012, TerraCRG has been consistently ranked by CoStar as one of the top firms in Brooklyn. For more information about TerraCRG or the property, please visit www.terracrg.com or contact Abbie Sheridan at 718.768.6888 or via email at [email protected].