TerraCRG sells 922 Prospect St. in Crown Heights for $2.625 million

TerraCRG, one of Brooklyn's leading commercial real estate brokerage firms, closed on the sale of the multifamily building at 922 Prospect Place in the Crown Heights neighborhood of the borough. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez, and Joseph Terzi of TerraCRG sold the property for $2.625 million which equates to $292 per s/f or $328,125 per unit. The four story multifamily building consists of eight residential units and a full 2,000 s/f basement that may be used for storage or future duplex conversion. All of the units were configured as two-bedroom apartments and six of the eight units were delivered vacant. Crown Heights has seen a tremendous transformation over the last decade with many new residential developments, strong retail, and a robust brownstone sales market. As a result, corridors such as Nostrand Ave., just one block away, are now seeing a surge in the retail market with the addition of new restaurants and boutiques to service the new demographic of renters in the neighborhood. "During the first half of 2014, Crown Heights, along with the Bed-Stuy and Bushwick neighborhoods experienced an 80% increase in dollar volume from commercial property transactions year over year compared to the first half of 2013, despite the 5% decrease in transaction volume," says Michael Hernandez, Senior Associate of TerraCRG. "This increase in dollar volume is due to the rapid increase of property values in this region," Hernandez adds.