Adam J Hess - Commercial Real Estate Showcase

Adam J Hess Property Listings
Senior Vice President of Investment Sales
TerraCRG
634 Dean St
Brooklyn, NY 11238
(718) 768-6888
(646) 253-7750


As a Partner and Senior Vice President in charge of TerraCRG’s Multifamily Investment Sales Division, Adam has overseen TerraCRG’s rapid growth in the... More
As a Partner and Senior Vice President in charge of TerraCRG’s Multifamily Investment Sales Division, Adam has overseen TerraCRG’s rapid growth in the Brooklyn Multifamily sales market. Since joining the firm in 2011, Adam has establish himself as a leading expert in the marketing and sale of mixed-use and multifamily investment assets in Brooklyn. With a particular focus on Brownstone Brooklyn neighborhoods, Adam and his team have handled the disposition of investment property worth an aggregate consideration exceeding $125m dollars.

Mr. Hess brings a unique background to the industry as he began his professional career practicing for five years as an attorney, primarily defending Manhattan and Brooklyn landlords in construction liability lawsuits. In 2005, Adam was hired as a Director of Sales at Massey Knakal Realty Services. He quickly established a reputation as a broker with exceptional knowledge of the Brooklyn market and was responsible for the marketing and sale of over 100 properties with an aggregate consideration of nearly $300 million.

Adam received his B.A. from the University of Rochester and his J.D. from Benjamin N. Cardozo School of Law. He and his wife Sita live in Park Slope, Brooklyn with their three children, Cyrus, Mina and newborn daughter Josefina. Less 
DetailMap
585 6th Avenue

Brooklyn, NY 11215-6197 - Park Slope MF Submarket


Property Type:Multi-Family Number of Units:27 Status:Existing Year Built:2011
Stories:5 Building Size:32,719 SF Land Area:.25 AC (10,742 SF)
For Sale Price:$24,000,000 Price/Unit:$888,888.89 Cap Rate:4.20 % GRM:-

Parking:.51 Parking Spaces / 1,000 SF


In 2009, this building was awarded LEED certification at the Platinum level by the U.S. Green Building Council.

In 2011, this building was awarded LEED certification at the Platinum level by the U.S. Green Building Council.

This property is receiving a 421-a tax abatement.

Sale Notes:
TerraCRG has been retained to exclusively represent ownership in the sale of 585 Sixth Avenue, a 27-unit elevator building in Park Slope, with parking and LEED Platinum certification.

The building was built in 2011 and features high-end amenities for tenants, including 17 parking spots, ready-wired electric car charging stations, private outdoor space for 25 units, rooftop green space and large rear courtyard. This property is the only LEED Platinum Certified building in Park Slope, and one of very few elevator buildings ever to be offered for sale in close proximity to Prospect Park.

The five-story building is on Sixth Avenue, between 16th Street and Prospect Avenue, three blocks from Prospect Park and two blocks from the subway. The property features a mix of large ~700 SF 1-BR apartments and ~1,00 SF 2-BR apartments. The building is fully-leased with a gross revenue of over $1.1M and an NOI of ~$1M. The building benefits from extremely low operating expenses as it has a 421-A tax abatement with nine years remaining, tenants are responsible for utilities and LEED platinum construction ensures minimal common area expenses and deferred maintenance cost.

TerraCRG
Adam J Hess
(718) 768-6888

Peter Matheos
(718) 768-6888

Edward Setton
(718) 310-3296




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