Cohen, Warren, Marks, Matheos, Hernandez and Terzi of TerraCRG broker $6.7 million sale

TerraCRG has closed on the sale of the commercial loft building located at 46 Old Fulton St. in the Dumbo / Fulton Ferry District. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez, and Joey Terzi of TerraCRG represented both the buyer and seller and sold the property for $6.7 million, which equates to $375 per s/f. The 17,864 s/f four story M2-1 zoned loft building was put into contract in July and closed early November. The property has a total of 22,330 gross usable s/f and 42 ft. of frontage on Old Fulton St. The building is currently configured as nine commercial units plus a full basement. The 3,466 s/f street level retail space and entire fourth floor were delivered vacant. The property is located just one block from the newly opened Shake Shack and directly across the street from the world famous pizzeria and Brooklyn landmark Grimaldi's. The block is home to many New York institutions such as The Brooklyn Ice Cream Factory, River Café, Juliana's (Patsy Grimaldi's new restaurant), Luke's Lobster, and No. 7 Sub. "The prime location and rare availability of a loft building in Dumbo generated a lot of interest in the property," said Melissa Warren, partner and senior vice president of TerraCRG. "The buyer understands the complexity of the recent IMD designation and plans to legally convert the upper floors to residential and lease out the retail storefront." TerraCRG is the only commercial real estate firm focused solely on Brooklyn transactions.