Cohen, Warren and Marks of TerraCRG close $39.5 million sale

Ofer Cohen, TerraCRG

Melissa Warren, TerraCRG

Dan Marks, TerraCRG

Brooklyn, NY TerraCRG has brokered the sale of 65 Bogart St., a multifamily loft building located on the East Williamsburg/Bushwick border. Ofer Cohen, Melissa Warren and Dan Marks, along with their teams, were the sole brokers in this transaction. The property sold for $39.5 million, which equates to $742 per s/f. The seller of the property was Acuity Capital Partners and the buyer was Sugar Hill Capital Partners.

65 Bogart Street, East Williamsburg/Bushwick - Brooklyn, NY

The converted multifamily loft building contains over 50,000 s/f and consists of 51 units over three floors.

“Our team is proud to have closed another significant sale in this neighborhood. Loft style apartments situated in this highly sought after art district are rarely available, leading to strong demand from buyers when these assets come to market,” said Marks, partner at TerraCRG. “This particular section of Brooklyn has been on the rise for years and we expect to continue to see robust interest from the market to invest here.”

East Williamsburg/Bushwick has been known largely as an industrial area with new office development on the horizon due to the zoning, however, a few commercially zoned buildings have been converted to residential use over the years. This transaction in particular represents one of the largest commercial sales in Brooklyn in 2016. Additionally, this transaction represents another large transaction sold by TerraCRG in this neighborhood. The team at TerraCRG was previously involved with the sale of 333 Johnson Ave., a 143,000 gross s/f industrial building that sold in 2015 for $26.75 million.

65 Bogart St. is located at the entrance to the L train at the Morgan Ave. subway station. Roberta’s, Swallow Café and Fine & Raw Chocolates are just a few well-known establishments located just a few steps away from the property. The neighborhood’s easy access to Manhattan coupled with a variety of restaurants, bars, shops and a lively night scene have been drawing a new demographic to the area.