Cohen, Warren, Marks, Matheos, Hernandez and Algarin of TerraCRG brokers $8.8 million sale of four-story multifamily property

Ofer Cohen, TerraCRG

Melissa Warren, TerraCRG

Dan Marks, TerraCRG

Pater Matheos, TerraCRG

93-97 Waverly Avenue - Brooklyn, NY

Brooklyn, NY TerraCRG has completed the sale of the multifamily property at 93-97 Waverly Avenue in the Clinton Hill neighborhood. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers. The property was on the market previously with another brokerage firm and the owners subsequently hired TerraCRG in late spring to exclusively represent them in the sale of the property. 93-97 Waverly Avenue sold for $8.8 million equal to $680/net residential s/f. AC Waverly LLC was the seller of the property and 93-97 Waverly Ventures LLC was the buyer.

The new construction buildings, completed in 2008, consist of two four-story buildings with 17 loft-like apartments. The units range from studio to two-bedroom apartments, with some boasting double-height ceilings, and a majority including private terraces or garden space. The building also features amenities, such as private on-site laundry facilities as well as a shared roof deck. The building was fully occupied with average rents at $52/s/f and an annual gross income just below $600,000. The building has an expiring 421A tax abatement with only eight years remaining.

“This was a great opportunity for any active or new investor to jump into the Brooklyn market, especially in a still growing neighborhood like Clinton Hill. The residential rents in the neighborhood have continued to climb to exceed $56/s/f, and residential condos are well above the $1,000/s/f level,” said Warren, partner at TerraCRG.

The property is located between Park and Myrtle Aves., a high-traffic retail corridor. Clinton Hill is centrally located between popular Fort Greene and brownstone-rich Bedford-Stuyvesant, and is known for Pratt Institute and its thousands of students driving the local economy. Yet, it is the steady influx of families and young professionals alike that have attracted national businesses such as Bank of America and Dunkin Donuts, and sustained many local businesses and popular restaurants. Also coming to the neighborhood is the Myrtle Avenue Plaza, which will be a 25,000 s/f pedestrian oasis on Myrtle Ave. between Hall St.and Emerson Place.

The property is just blocks from the Clinton-Washington A and C subway station, and is also accessible by the G train at Clinton-Washington and Classon Ave. stations.