NEW YORK CITY—GlobeSt.com has confirmed that a large multifamily complex in Park Slope has been sold by Haysha Deitsch for $84 million. Located on the corner of Union Street and Prospect Park West in Brooklyn's Park Slope neighborhood, the 169,410-square-foot property is called One Prospect Park West, or Prospect Park Residence.
The buyer, Sugar Hill Capital Partners, plans to convert the sprawling building into luxury residences, according to The Real Deal. The deal was brokered by TerraCRG. The Brooklyn-focused commercial real estate brokerage firm's Ofer Cohen and Adam Hess handled the transaction.
One Prospect Park West is the largest building on Prospect Park West. Overlooking Prospect Park and Grand Army Plaza, the property benefits from high visibility, featuring 171 feet of frontage on Prospect Park West, 104 feet of frontage on Union Street and 100 feet of frontage on President Street.
The deal has been under contract for three years, Real Deal reports, but in-fighting between tenants and the landlord delayed the transaction.
“This is one of the most iconic buildings in Brooklyn, and is one of very few large residential sites currently available in Brooklyn that could be developed into a scalable residential project,” says Cohen, founder & president of TerraCRG.
Located in Park Slope, the building sits across from Grand Army Plaza and Prospect Park and is within walking distance of many Brooklyn institutions, including the Brooklyn Museum, Brooklyn Public Library, Barclays Center and the Brooklyn Botanic Garden.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
The buyer, Sugar Hill Capital Partners, plans to convert the sprawling building into luxury residences, according to The Real Deal. The deal was brokered by TerraCRG. The Brooklyn-focused commercial real estate brokerage firm's Ofer Cohen and Adam Hess handled the transaction.
One Prospect Park West is the largest building on Prospect Park West. Overlooking Prospect Park and Grand Army Plaza, the property benefits from high visibility, featuring 171 feet of frontage on Prospect Park West, 104 feet of frontage on Union Street and 100 feet of frontage on President Street.
The deal has been under contract for three years, Real Deal reports, but in-fighting between tenants and the landlord delayed the transaction.
“This is one of the most iconic buildings in Brooklyn, and is one of very few large residential sites currently available in Brooklyn that could be developed into a scalable residential project,” says Cohen, founder & president of TerraCRG.
Located in Park Slope, the building sits across from Grand Army Plaza and Prospect Park and is within walking distance of many Brooklyn institutions, including the Brooklyn Museum, Brooklyn Public Library,
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
