Hess, Shalumov, Setton and Galperin of TerraCRG secure sale to Sugar Hill

Brooklyn, NY TerraCRG, one of the cities leading commercial real estate brokerage and advisory firms, arranged the sale of 128-130 Cortelyou Rd., a corner mixed-use building located in Kensington. Adam Hess, along with his team, Sam Shalumov, Eddie Setton and Kirill Galperin, were the sole brokers in this transaction. The property sold for $2.275 million, which equates to $316 per s/f. The buyer was Sugar Hill Capital Partners. “Cortelyou Rd. has emerged as one of Brooklyn’s best retail corridors. The location of this property, along with the 40 feet of frontage it offers, made this deal very attractive to buyers,” said Hess, partner at TerraCRG. “The buyer can either keep the building as is and collect a great return, or can take advantage of all leases expiring in 2016 and utilize the additional 4,800 s/f of air rights,” said Hess. The two-story, eight-unit building consists of five ground-floor commercial units and three, 3-bedroom units above. It features 40 feet of frontage on Cortelyou Rd. and totals 7,200 s/f. Additionally, the property benefits from approximately 4,800 BSF as of right. Ideally located on Kensington’s Cortelyou Road retail corridor, the property is surrounded by various popular eateries including Purple Yam, The Farm on Adderley and Ox Cart Tavern. Furthermore, it is situated one and a half blocks from the Ditmas Avenue subway station, providing quick access to Manhattan via the F train. The property presented a rare opportunity to acquire a corner mixed-use building on Kensington’s most prominent retail corridor, Cortelyou Road.