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Brokerage
Posted: October 25, 2022
Cosentino and Norris of TerraCRG sell $2.85 million mixed-use building
Brooklyn, NY TerraCRG has closed on the $2.85 million sale of 684 Central Ave. in Bushwick.
TerraCRG partner Matt Cosentino and senior associate Rémi Norris exclusively represented the seller.
The 5,280 s/f renovated property is comprised of five residential apartments, with a neighborhood deli in the ground floor retail space. Situated on a corner lot, all the residential units are three bedrooms with windows, allowing natural light and fresh air in while providing views.
“This property in one of Brooklyn’s prime and evolving neighborhoods features significant upside on the rent roll,” said Cosentino. “The in-place gross income reflects rents established during the pandemic, which means the cap rate should increase naturally over time.”
The closing price represents approximately $540 per s/f. Partners Path, a private investment firm, purchased the property.
Located on the corner of Central Ave. and Moffat S., the property is positioned one block from the Wilson Ave. L train station.
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