Cohen, Warren, Marks, Matheos and Hernandez of TerraCRG retained to sell 25-27 Lexington Avenue

TerraCRG has been retained as the exclusive agent for the sale of the residential loft building at 25-27 Lexington Ave. located between Grand Avenue and Classon Ave. in the Clinton Hill neighborhood. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez are representing the seller. The building is located on a block that has transformed from an industrial hub to a residential street, with more than 80 new units planned and currently in construction. The property will be delivered with fully approved plans for conversion to a 30,024 s/f, 23-unit luxury residential building along with active permits in place, allowing the new owner to begin construction immediately. The 4,920 s/f adjacent lot located at 29-31 Lexington Ave. is also offered for sale, either together or separately, with proposed plans in place for 9,500 buildable s/f. The existing five story building has 50 ft. of frontage on Lexington Ave., a full 4,900 s/f basement, windows surrounding the building, and a light and air easement in place which allows for the addition of windows on the east side of the building. Current ownership has started construction and made multiple improvements, including the installation of a brand new roof, custom skylight, elevator, pointing on the interior brick walls, and sub-flooring and ample electricity throughout. The existing plans call for amenities in the basement such as tenant storage, bike storage, and laundry facilities. The property is just two blocks from Fulton St., one of the busiest retail corridors in Brooklyn. The area is anchored by Pratt Institute, the 25-acre 5,000 student private design college, which has attracted artists, young professionals, and students to the neighborhood. The G train located at the corner of Lafayette Ave. and Classon Ave. is just three blocks from the property, and the A and C trains on Fulton St. at the Clinton-Washington Ave. station are only five blocks. "With the approved plans and active permits in place, this property presents the opportunity to accelerate construction on a luxury residential building," said Warren, partner and senior vice president at TerraCRG. "With the purchase of 29 Lexington, the combination of both assets make for a total of 39,524 buildable s/f."