Cohen, Warren and Marks of TerraCRG broker $6.01 million sale

Brooklyn, NY  TerraCRG has completed the sale of 283 Greene Ave., a residentially-zoned commercial building with air rights allowing for 16,085 buildable s/f in Clinton Hill. Ofer Cohen, Melissa Warren and Dan Marks, along with their TerraCRG team, were the sole brokers. The 13,300 s/f building sold for $6.01 million, which equates to approximately $375 per buildable s/f and $450 per existing s/f. “The market for unique conversion opportunities remains very strong as developers, users and investors are looking to capture the momentum in this neighborhood,” said Cohen, founder and president of TerraCRG. “Having sold numerous assets in the immediate vicinity, our team was able to achieve a significant premium for ownership.” The two-story building is located between Grand and Classon Aves. in one of the most sought after sections of Clinton Hill. The building can be converted into residential lofts or repositioned as an owner/user residential or office building. Previously home to Kilroy Architectural Windows, the existing commercial building is configured as storage and light manufacturing on the ground floor with renovated offices on the second floor. Additionally, there are three drive-in garage openings with existing curb cuts. Founded in 1946 by Charles Krobot Jr., Kilroy Architectural Windows is a 70 year old company known for replacing windows in New York’s most iconic landmarks. The company’s talent has been exemplified by their prestigious assignments, which include the Empire State Building, the crown windows in the Statue of Liberty and the Flatiron Building. “Throughout the entire process, TerraCRG was an absolute pleasure to work with. Their excellent communication, thorough marketing process and expertise of the Brooklyn market made this an extremely seamless and successful transaction,” said Charles Krobot III, owner and operator of Kilroy Architectural Windows. The building is surrounded by boutique residential developments and is in a neighborhood anchored by Pratt Institute’s 25 acres, which is recognized as one of the best art, design and architecture colleges in the northeast. Clinton Hill is continuously growing with new retail and residential developments to meet the demands of families, young professionals, artists and students that are attracted to the neighborhood.