Cohen, Warren, Marks, Matheos and Hernandez of TerraCRG handle $26.7 million sale

TerraCRG has closed on the sale of the development site located at 333 Johnson Ave. in the Bushwick neighborhood. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the buyer. Sydney Blumstein of Corcoran represented the seller. The property sold for $26.75 million. The industrial site, located on Johnson Ave. at White St., is situated in Bushwick, one of the fastest growing submarkets in the borough. The now vacated building once housed one of the largest printing companies in the area, A.J. Bart, which has since relocated out-of-state. The M-zoned property totals 160,000 s/f. This is yet another industrial property to sell in the "Morgantown"/East Williamsburg section. The buyers, Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development intend to develop a commercial complex to house retail, restaurant and office tenants. The new development, billed as "creative community," will also include 40,000 s/f of outdoor space. The restaurant tenants will be clustered on the White St.-facing courtyard with the opportunity for rooftop dining as well as on-site artisanal food production space. Marks, VP of investment sales at TerraCRG said, "We are thrilled to help broker the sale of 333 Johnson Ave. It's very difficult to find large industrial properties in prime Brooklyn locations such as this one. The area around the Morgan L stop has been in very high demand over the past few years and I expect the redevelopment of this property to be a huge success."