The Real Deal New York

Muss, Bedrock buy Clinton Hill rental for $67 million

Adam America recently completed the 118-unit building at 180 Franklin Avenue

May 12, 2016 06:30PM
By Konrad Putzier

180 Franklin Ave in Clinton Hill (inset: Joshua Muss)

180 Franklin Ave in Clinton Hill (inset: Joshua Muss)

Muss Development and Bedrock Real Estate Partners bought a recently completed Clinton Hill rental building from Adam America Real Estate for $66.5 million.

Adam America began construction of the 118-room, 80,000-square-foot building in 2014. It currently has several active listings with asking rents ranging from $2,169 from a studio to $4,523 for a two-bedroom apartment, according to StreetEasy. “We expect the property to lease up quickly,” Muss principal Jason Muss said in a statement.

A Cushman & Wakefield capital markets team of Gideon Gil, Chris Moyer, John Spreitzer and Alex Lapidus brokered the deal. Citi Habitats’ David Maundrell and Alex Saltalamacchia are marketing the apartments.

Clinton Hill has seen a surge in residential development in recent years as the neighborhood became more popular among affluent renters. For example, Greystone is developing high-end rental properties at 529-533 Myrtle Avenue and 100-102 Steuben Street, while Dunn Development and L+M Development Partners are building the condo and townhouse development Navy Green at the corner of Flushing and Washington Avenues.

Queens-based Muss Development is currently developing a 30-story residential tower at 1501 Voorhies Avenue in Sheepshead Bay.

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