Real Estate Weekly
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Deals & Dealmakers

Three-building Carroll Gardens residential package hits the market

A portfolio of three buildings in Carroll Gardens, Brooklyn has hit the market with an asking price of $21.5 million.

The properties, with the addresses 61, 63 and 65 3rd Place, are three adjacent multifamily buildings with eight units each. The 21,826 s/f assemblage contains 24 two-bedroom units. According to TerraCRG, the brokerage firm that is exclusively marketing the portfolio, 23 of the apartments are market-rate. Only one apartment is rent-stabilized.

The market-rate units have an average rent of $3,996. The rent-stabilized unit, meanwhile, is renting for $1,297. TerraCRG said that the properties generate an annual income of $1,118,429.

“We are pleased to bring to market a rare collection of highly renovated assets in the sought-after Carroll Gardens neighborhood,” said Adam Hess, partner at TerraCRG. “This will give both local and institutional investors an opportunity to acquire bulk assets in a neighborhood where property seldom changes hands.”

The firm bought the buildings for $12.7 million last year. After the acquisition, the owner, Benchmark Real Estate Group, revamped the properties. The firm spent $2.4 million for a gut renovation of the market-rate apartments in the assemblage. It also paid an additional $500,000 for improvements to the site’s communal areas.

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