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Deals & Dealmakers

Global money chasing Park Slope property

TerraCRG has been tapped to sell a 20-unit multifamily building in the Park Slope neighborhood of Brooklyn. The property, which is located at 310 12th Street between Fifth and Sixth Avenues, is just three blocks from Prospect Park. It contains one four-bedroom unit, six three-bedroom units and 13 one-bedroom units. The building, which has 14,644 s/f of space, has an asking price of $9.75 million.

“This building is particularly attractive because it’s a classic limestone building… It’s pretty rare to find a 20-unit building, with upside, on a prime street like 12th between Fifth and Sixth,” said Adam Hess, a partner at TerraCRG who is heading a four-person team to market the property.

310 12th Street
310 12th Street

Hess, who was one-half of a team that closed on a neighborhood multifamily building sales record last July, said that the neighborhood has become a prime target for foreign investors.

“It’s one of the safest submarkets, not just in Brooklyn but in all of New York City. If you’re talking about the safest submarkets in New York City, you’re probably talking about one of the safer places in the world for investors to put in their cash,” he said.

“We’ve sold a lot of buildings to Indian investors, French investors. People who have made their money in other countries and they’re looking to park that capital in the safety of the New York market. I think they’ve sort of tapped into the mass migration of young professionals and families with great incomes- they’re two income families- that prefer Park Slope to Manhattan. They want to reap the upside.”

According to Hess, the building has so far attracted a diverse range of prospective buyers. “We’ve had requests. About 20 people are coming to tour this building and this is just the first week of it being on the market. That’s a good indication that you have a fairly unusual offering when you get that kind of response very quickly,” he said.

Adam Hess
Adam Hess

“We’ve had a real mix on this… We’ve had Manhattan-based families, Brooklyn-based families, French investor, Indian investors, hedge funds, institutional funds.”

TerraCRG sold the four-story property to Slate Property Group for $6 million last year. The building contains 12 rent-stabilized apartments, all of which are two-bedroom units. The market-rate units, meanwhile, have been recently renovated.

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