TerraCRG completes sale of five multifamily buildings for $7.044 million total

TerraCRG has completed the sale of five multifamily buildings in borough including 16 Dean St., 238 8th St., 186 Middleton St., 244 Troutman St. and 466 State St. The five buildings located across Boerum Hill, Park Slope, Williamsburg and Bushwick sold by TerraCRG with a total combined sale amount of $7.044 million. The five property transactions were all independent of each other and involved different sellers and buyers. 16 Dean St. is a 16 unit building located between Court St. and Boerum Pl. in the Boerum Hill neighborhood. The four-story walk-up, 7,600 s/f building is fully occupied and comprised of all one bedroom apartments. Ofer Cohen, Melissa DiBella, Peter Matheos, Michael Hernandez, Adam Hess and Jacob Colleran of TerraCRG represented the seller and buyer. The property sold for $2.65 million equal to a 5.9% cap rate. 238 8th St. is an eight-unit building located between 4th and 5th Aves. in the Park Slope neighborhood. The four-story walk-up, 6,400 s/f building is comprised of eight two-bedroom units, four free-market and four stabilized railroad-style apartments. Hess and Colleran were the sole brokers in this all cash transaction. The property sold for $1.795 million equal to a 5.8% cap rate. 186 Middleton St. is a six-unit building located between Union and Throop Aves. in the Williamsburg neighborhood. The three-story, 4,125 s/f building is fully occupied and comprised of six railroad-style apartments. The property has an additional 3,375 s/f of available air rights. Cohen, DiBella, Matheos, and Hernandez represented the seller and buyer. The property sold for $950,000 equal to a 6.5% cap rate. 244 Troutman St. is a six-unit building located between Knickerbocker and Wilson Aves. in the Bushwick neighborhood. The three-story, 4,500 s/f building is fully occupied and consists of six two bedroom apartments. Matthew Cosentino of TerraCRG represented the seller and buyer. The property sold for $799,000 equal to a 5.2% cap rate. 466 State St. is a 3 story, single room occupancy building located between Nevins St. and 3rd Ave. in the Boerum Hill neighborhood. The 2,280 s/f building sits on a 19 ft x 90 ft. lot and has an additional 1,140 s/f of available air rights. The property is in need of a total renovation. Cohen, DiBella, Matheos, and Hernandez represented the seller and buyer. The property sold for $850,000 equal to $373 per s/f. TerraCRG is commercial brokerage and advisory firm focusing solely on the Brooklyn market. The firm specializes in Investment Sales, Commercial Leasing and Loan Sale Advisory Services.