Hess, Setton and Galperin of TerraCRG complete $3.575 million sale of 16-unit Brooklyn multifamily

Brooklyn, NY TerraCRG has completed the sale of 82 16^th St., a 16-unit multifamily building located in the Park Slope/Gowanus neighborhood. Adam Hess, along with his team, Eddie Setton and Kirill Galperin were the sole brokers. The property sold for $3.575 million, which equates to a 4.7% cap rate and $572 per s/f.

“The rental market in the South Slope/Gowanus area offers tremendous potential for growth as residents from surrounding neighborhoods like Park Slope and Carroll Gardens seek more affordable rents with access to the same high-end amenities,” said Hess, a partner at TerraCRG.

The four-story, 16-unit building contains approximately 6,240 s/f and has been well-maintained and upgraded by previous ownership. All of the units are rent-stabilized.

South Slope and Gowanus are surrounded by several of the borough’s most desirable residential neighborhoods, including Park Slope, Carroll Gardens and Boerum Hill. Over the past few years, Gowanus has become one of the fastest growth areas in Brooklyn, as residents have sought more affordable rents and the area has been transformed from an industrial neighborhood into a hub for residential, office and retail. One of Brooklyn’s largest residential development projects, a 700-unit complex located at 363 & 365 Bond Street, is located in the middle of Gowanus. Projected residential rents in this project and neighboring Fourth Avenue corridor new-construction projects have soared over the past few years up to $65/SF and condo sales in the vicinity are well above $1,400/SF.

The property is located just one block from the R train at the Prospect Avenue subway stop and is within walking distance of the F and G lines at Fourth Avenue, providing access to lower Manhattan in 15 minutes.