Cosentino, Bataille and Satanovsky of TerraCRG sell restaurant property - $3 million; Sole brokers of 1 Knickerbocker Avenue, East Williamsburg/Bushwick

Brooklyn, NY TerraCRG, has completed the sale of 1 Knickerbocker Ave., a corner building located in East Williamsburg/Bushwick. Matt Cosentino, along with his team, John Bataille and Eric Satanovsky of TerraCRG, were the sole brokers. The property sold for $3 million, which was $500,000 above the original asking price. “Many investors in the market believe retail in East Williamsburg/Bushwick is currently very undervalued and this is a big reason why there was such strong interest on this asset,” said Cosentino, vice president at TerraCRG. “The expectation is that retail rental growth will be significant in the near future as retail rents in the area are considerably below similarly attractive locations.” Formerly home to 1 Knickerbocker Bar and Restaurant and Kings County Bar, the building contains 4,634 s/f above grade, plus a full basement that contains 2,317 s/f. The building contains a fully-renovated bar and restaurant on the ground level and open office/studio space on the second floor. Both the ground floor and basement levels have gone through extensive renovations. The ground floor features a full-length custom bar, high-end furnishings and light fixtures, and a performance stage. The lower level consists of a full commercial kitchen and the top floor benefits from an open floor plan and natural light. Located off of the Morgan Ave. L subway line, the area is a destination for the art community and creative types seeking gallery space, music studios and lofts. Restaurants such as Roberta’s with an exclusive 12 seat tasting room, large scale music venues such as The Wick and the #1 Hostel in New York, The New York Loft Hostel, all thrive in the neighborhood. TerraCRG is the only commercial real estate brokerage firm focused exclusively on the Brooklyn market. In just seven years, TerraCRG has established itself as a true market leader, averaging over 70 completed transactions annually. Last year, the firm handled over half a billion dollars’ worth of commercial property in Brooklyn, including some of the largest development sites, multifamily assets and retail buildings in Brooklyn’s most sought after neighborhoods. To date, the TerraCRG team has handled more development transactions in Brooklyn than any other company, totaling over two million buildable s/f.