Cohen, Warren and Consentino of TerraCRG retained to sell multifamily package

Brooklyn, NY TerraCRG has been retained as the exclusive agents for the sale of the multifamily package 186 & 194 Herkimer St. in the Bedford-Stuyvesant neighborhood. The property owner has retained Ofer Cohen, Melissa Warren, Matt Cosentino, and team. Located on the corner of Herkimer Street and New York Avenue, the two properties are a combined 15,400 s/f. Both buildings have a 15-year, 421-A tax abatement in place without an affordable housing component, with annual taxes totaling only $903. The four-story buildings in the center of Bedford-Stuyvesant, are comprised of 17 residential units, nine of which have either a private balcony or terrace, plus the building features an on-site laundry room and shared courtyard. The unit mix is comprised of five ground floor duplexes, two 2-bedroom penthouses and ten 1-bedroom apartments. The interiors of all the units have condo-quality finishes, including hardwood flooring throughout and stainless steel appliances. “The building is brand-new construction, easy to operate and manage, this is a great opportunity for a buyer with a 1031 exchange or, a first time buyer, to enter into the Brooklyn market,” said Warren, partner at TerraCRG. Both buildings are fully-occupied with rents averaging $45 per s/f. The gross annual rent is $510,000 and the approximate NOI is $458,000, which equates to a 5% CAP rate based on the offering price. The property is ideally situated just three blocks from the A and C trains at the Nostrand Avenue station, allowing easy access to and from Manhattan in approx. 20 minutes. Additionally, Restoration Plaza—referred to as the heart of the community— is located just one block away. The retail and cultural complex has been the center point of retail expansion in the area, providing extremely easy access to national retailers eyeing to capitalize on boom of residential buildings cropping up within the neighborhood. “One-third of all multifamily transactions in Brooklyn happen within this area,” said Cosentino, VP of investment =sales, referring to the data on this asset class trading in Bedford-Stuyvesant/Bushwick/Crown Heights. “Buildings of this size are challenging to find in Bed-Stuy and when you combine the 421-A with the intelligent design, this is the type of product that rarely comes to market.”