Cohen, DiBella, Marks, Matheos and Hernandez of TerraCRG retain to sell 43 Lexington Avenue

TerraCRG has been retained as the exclusive agent for the sale of 43 Lexington Ave. in the Clinton Hill neighborhood. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, and Michael Hernandez of TerraCRG are representing the seller. The 3,200 s/f property is located between Classon Ave. and Grand Ave., a block that Susan Sarandon is rumored to own property on. The building consists of a full basement and four apartments, three of which are vacant. Two of the apartments are one bedrooms, and two are two bedrooms, and the basement is currently occupied by an art studio. The garden floor plus basement and the first floor and third floor through apartments will be delivered vacant, and the second floor apartment has a lease expiring in 2015. The building is well maintained and has undergone some kitchen and bathroom renovations. Clinton Hill has experienced a tremendous transformation that began in early 2000 with the conversion of the 42,000 s/f building at 17 Lexington Avenue, which is now a rental building and features large residential loft spaces. Previously an industrial block, the property is now surrounded by four new construction/conversion projects. To the left of the building are four newly constructed townhouses with high end rental units, and to the right is a garage that was converted into a one family luxury home. The property is just a few blocks from the A and C trains at the Clinton-Washington Ave. station, as well as the G train which stops at a separate Clinton-Washington station and the Classon Ave. station. Clinton Hill has become a popular neighborhood for families, artists, and students of both Pratt Institute and St. Joseph's College. "Renovated townhouses in the neighborhood are selling upwards of $650 per s/f," said DiBella, partner and senior vice president of Terra CRG. "With all the vacancies at 43 Lexington, there is the opportunity to convert the building into a one or two family townhouse."