TerraCRG selected to sell 47-unit Park Slope portfolio

TerraCRG has been retained as the exclusive agent for the sale of the 47-unit portfolio on Eighth Ave. in Park Slope. Ofer Cohen, Adam Hess, Melissa Warren, Dan Marks, Mike Hernandez, and Sam Shalumov are representing the sellers. The buildings are located at 719-723 Eighth Ave. and 704 Eighth Ave. a block from Prospect Park. The assets total 45,000 s/f, 45 residential units, two office spaces and a cell tower. 22% of the residential units are rent regulated and the rents for these units are 70% below market. Most free-market units have been gut renovated. Across both buildings there are 24 large 2-bedroom apartments, 18 large three-bedroom apartments, including two duplexes with private rooftop space, and one 4-bedroom duplex with outdoor space. Four first floor units at 719-723 8th Ave. also provide private outdoor patio space. 35 of the residential units are free market, 32 of which have been gut renovated. The properties present flexibility for condo conversion as the unit mix lends itself well to family style apartments. The portfolio is located just one block from the F and G subway lines at 8th Ave. and 9th St. "This offering presents an extremely rare opportunity to acquire institutional grade assets, with a majority of the apartments destabilized and renovated in one of the most sought after neighborhoods in the country," said Hess, partner, and senior vice president at TerraCRG. "There are very few large multifamily buildings in Park Slope and even fewer are offered for sale, particularly in close proximity to Prospect Park." "There's a serious shortage of quality for-sale housing options, particularly in such proximity from Prospect Park. There are 15 new residential developments planned or in construction in the greater Park Slope area, with only 8.5% of those planned for condominiums," said Cohen. "Park Slope is one of the most under-served condo markets in Brooklyn, making this portfolio a rare asset."