Cohen of TerraCRG leads team in $1.64 million sale

TerraCRG has completed the sale of the vacant mixed-use building at 75 St. Marks Ave. The building is located on St. Marks Ave., just off the corner of Flatbush Ave. three blocks from the Barclays Center. The 3,270 s/f three story building is comprised of two residential apartments in need of total renovation and a 1,240 s/f ground floor retail space. The building sold recently for $1.640 million, which translates to $441 per s/f. The property was previously sold in September, 2012 for $965,000. TerraCRG was hired by the new ownership in October 2012 to market the property and it was in contract within one month of marketing the property for $1.64 million. "This sale is an example of the tremendous growth and transformation that the area surrounding the Barclays Center has seen and its effect on the immediate neighborhood," said Ofer Cohen, founder and president of TerraCRG and lead broker. "Properties in this area especially with retail spaces are gaining considerable notice from investors who are willing to pay a premium for the location." said Cohen. TerraCRG is a commercial brokerage and advisory firm focusing solely on commercial transactions in the Brooklyn market. Over the last five years, TerraCRG has established itself as the leading expert on the Brooklyn investment sales market, completing over 50 transactions a year by tailoring its approach to suit the needs of investors, property owners, developers and lenders. The TerraCRG team, comprised of seasoned professionals who live and work in Brooklyn, possesses an unparalleled understanding of the unique dynamics and trends driving Brooklyn commercial real estate. The firm specializes in the sale of Multifamily and Mixed-Use Assets, Development Sites, Retail Leasing and Industrial Dispositions.