Consentino, Satanovsky and McDonald of TerraCRG retained to sell 1882 Fulton Street, Brooklyn

According to TerraCRG, Matthew Cosentino, VP of investment sales at TerraCRG has been retained as the exclusive agent for the sale of 1882 Fulton St. in the Bedford-Stuyvesant neighborhood. He will be assited by his associates, Eric Satanovsky and Robert McDonald. The five-story, seven-unit, mixed-use building is located between Ralph Ave. and Buffalo Ave. Built in 2005, the 25 ft. x 85 ft. 7,395 gross s/f property consists of six residential units and a ground floor retail space that will be delivered vacant. The retail space, along with the basement, extends almost the full depth of the lot. Five of the six apartments are one bedroom, one bathroom apartments, and the sixth unit is a two bedroom duplex penthouse with 1½ bathrooms and roof deck. Each unit contains its own separate hot water heater and boiler and the entire building has a sprinkler system. The property benefits from a 25 year 421-a tax abatement. Fully occupied, the building will have a gross rent roll of $150,000 a year and also has upside potential on the occupied rents. The property is conveniently located less than one block from the Ralph Ave. C subway station which allows for service into Manhattan in less than 30 minutes. It is also directly in front of the B25 bus stop, which provides access to Downtown Brooklyn and Broadway Junction. The property is situated on Fulton St., which is a main commercial corridor in Brooklyn and is located near many well-known retailers, including Rite-Aid, Associated Supermarkets, and MetroPCS. "This property presents the opportunity to own a new construction building on Fulton St. with tremendous upside," said Cosentino, who specializes in the sale of mixed-use and multifamily properties in Bushwick and Bedford-Stuyvesant. "With the 421-a tax abatement, Fulton St. location, and proximity to the subway, the property has a combination of unique qualities that are extremely difficult to find in this price range."