Muss, Bedrock buy Clinton Hill rental for $67 million

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

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.

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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.