Adam America sells Crown Heights rental for $48M

Developer bought 500 Sterling Place site out of foreclosure for $6.8 million in 2012
By Claire Moses | January 21, 2015 01:41PM

Adam America Real Estate has sold a 77-unit residential rental building at 500 Sterling Place for $48 million, The Real Deal has learned.

The property, located between Washington and Classon avenues and bordering Prospect Heights, was completed in June.  Rents start at $2,000 per month. Adam America bought the property out of foreclosure, together with Horizon Group, for $6.8 million in 2012, and received a 421a tax on the project. Representatives for Adam America declined to name the new buyer.

The development includes private parking space, a fitness center and a game room as well. Halstead Property Development Marketing handles leasing and marketing.

“We saw enormous opportunity in the property due to the heavily trafficked Brooklyn location and popularity of the Prospect Heights neighborhood,” Dvir Cohen Hoshen, co-founder and managing member of Adam America Real Estate, said in a statement.

Adam America’s other projects in the Borough Include 247 North 7th Street, 180 Franklin Avenue, 470 Fourth Avenue, 275 Fourth Avenue and 51 Jay Street. The developer partnered with  Slate Property Group and Israel-based Naveh Shuster to build a $65 million, 75,000-square-foot mixed-use property at 120 Union Avenue.

“We are confident that young Brooklynites will enjoy 500 Sterling Place’s unique amenities,” Adam America co-founder Omri Sachs said, “and have no doubt that the development will see continued success in its rentals.”