NEW YORK CITY—A portfolio sale in Park Slope has set a per square price record. RedSky Capital and Megalith Capital Management have sold 704 8th Ave. and 719-723 8th Ave. for $37 million or $811 per square foot, a new neighborhood record for a multifamily building. The buyer was an Israel-based investor.
Adam Hess and Ofer Cohen of TerraCRG represented the sellers, as well as the purchaser. Hess and his team also announced that 181-182 Prospect Park West—a 34-unit property directly across from Prospect Park—is in contract.
Park Slope has remained one of the most desired neighborhoods within Brooklyn, ranked #7 in price per square foot, averaging $51 per square foot for rentals. The 8th Avenue portfolio and Prospect Park West properties are all within one block of Prospect Park, representing an unusually large number of units on the market in prime Park Slope.
“We had almost 30 investors bidding on the 8th Avenue portfolio,” declares Hess. “The ultimate buyer, who plans to add five additional duplexes to the buildings, will profit handsomely as rents continue to rise in Park Slope.”
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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.
