News:
Brokerage
Posted: October 31, 2023
Cosentino and Cohen of TerraCRG handle $22.4 million
sale to Carlyle Group and Z+G Property Group
Brooklyn, NY TerraCRG negotiated the sale of the 46 unit multifamily building at 180 Bainbridge St. located in the Bedford Stuyvesant neighborhood. Carlyle Group and Z+G Property Group purchased the property for $22.4375 million. Matt Cosentino and Ofer Cohen of TerraCRG brokered the transaction. This was the largest multifamily transaction in Bed-Stuy by dollar volume so far this year.
“This was a unique buying opportunity, especially in today’s market,” said Cosentino. “The building has a strong revenue in place and also has the potential for significant upside.”
The 50,000 s/f building is a former school that was restored and renovated into residential.
The sellers, Bushburg, acquired the property in 2011 and completed a historic preservation of the property. The original building, built in 1922 for the Holy Rosary Catholic School, sat vacant for almost a decade when Bushburg re-purposed the abandoned school into a residential community. The apartment building’s amenities include parking, a gym, and common areas indoors and outdoors.
“Despite continued market uncertainty, investors believe in the strength of the Brooklyn rental market and are making big bets on free-market buildings,” said Cosentino.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)