Burk, Tamara, Chew and Sigourney of CPEX complete two sales totaling $2.5 million

CPEX Real Estate Services has completed the sale of two properties in Crown Heights totaling $2.5 million, located at 852 St. Johns Place and 778 Nostrand Ave., respectively. Both are three-story, mixed-use walk-up buildings that also offer available air rights. CPEX's Mixed-Use Investment Sales Team, consisting of managing director Scott Burk, Esq. and associates Luis Tamara and Keat Chew, represented the seller and procured the buyer in the sale of both buildings. CPEX's Andre Sigourney, associate director of CPEX's Retail Investment Sales Team, assisted with the transaction. Located between Nostrand and New York Aves. in the neighborhood of Crown Heights, 852 St. Johns Place is a three-story, mixed-use walk-up building totaling approximately 3,480 gross s/f. The sale price was $1.23 million, all cash, or $353 per s/f. The building, which was delivered vacant, consists of two floors of commercial space and two one-bedroom residential units on the third floor. With its R6A/C2-4 zoning, 852 St. Johns Place also has approximately 2,400 s/f of available air rights. Less than a block away between St. Johns Place and Sterling Place, 778 Nostrand Ave. is also a three-story, mixed-use walk-up building, measuring approximately 3,735 s/f in total. The sale price was $1.3 million, all-cash as part of a 1031 exchange, or $348 per s/f. The building contains one ground floor commercial unit and two residential units, one of which was delivered vacant. Also zoned R6A/C2-4, 778 Nostrand Ave. has approximately 1,925 s/f of available air rights. "About a year ago, we completed a couple of comparable transactions along Washington Ave.," said Burk. "With these two sales, we're seeing a similar trend in terms of rising price per s/f in this area of Crown Heights, particularly along Nostrand Ave." Said Sigourney, "It is no surprise that the Crown Heights real estate market is red hot, and the purchasers in these transactions are likely looking to capitalize on the rapid appreciation taking place in the residential sector."