TerraCRG sold two mixed-use buildings along Brooklyn’s Fifth Avenue corridor for $10.5 million. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller brokered the sale of the corner properties at 3901 Fifth Avenue in Sunset Park, and 6901 Fifth Avenue in Bay Ridge.
3901 Fifth Avenue in Sunset Park — home to New York City’s third largest and fastest growing Asian business district — sold to a large Manhattan ownership group for $3.2 million, which equates to a 4.8% CAP rate, $540/SF and 18 times GRM.
6901 Fifth Avenue sold for $7,300,000, a 4.8% CAP rate and 15 times the rent roll. Currently occupied by Bank of America, the property offers 10,248 SF and over 7,000 SF of available air rights.
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