TerraCRG chosen to exclusively market four Brooklyn properties

TerraCRG is exclusively marketing the following four properties: * Adam Hess, partner and senior vice president has been retained as the exclusive agent for the sale of 110 President St. in the Carroll Gardens/Columbia Waterfront neighborhood. The 25 ft. x 93 ft. mixed-use three-story brick building is located between Columbia and Hicks Sts. The property consists of four residential units and one commercial unit. Three of the four residential units will be delivered vacant, and the fourth unit is rent controlled. The 2,000 s/f retail space has 12' ceilings and will be delivered vacant. With the correct plans the space can be significantly expanded to include a large basement with nine ft. ceilings. Given the vacancies and large floor plates, the property is ideal for a condo conversion, which gives the new owner the option of retaining the commercial unit. "This is an ideal property for either a condo conversion or an owner-user. The building is vacant except for a single tenant, has condo plans filed, and is in a great location on a tree-lined block in the emerging and vibrant Columbia Waterfront District," said Hess. * TerraCRG has been retained to procure a development partner for the Recovery House of Worship (RHOW) for the redevelopment of 360 Schermerhorn St. at the corner of Third Ave. The 120 year old church is located amidst a neighborhood undergoing a complete revitalization with several large new luxury residential and commercial projects planned including the quickly expanding BAM-Downtown Brooklyn Cultural district steps away. The 29,000 s/f, two-story brick building sits on a 150 ft. x 100 ft. lot and is zoned C6-1/DB (Special Downtown Brooklyn Zoning District) allowing for a mixed-use development with a total of 97,500 s/f. The proposed plans for the property call for the development of an 120,000 gross s/f mixed-use building consisting of community facility, retail space as well as residential or the option for office/hotel. RHOW is seeking a partner to develop the entire site where they would retain the community facility and retail and the developer would retain the residential or office/hotel portion of the project. The property is across the street from The Hub (a mixed use project in construction with 720 rental units), and steps from the BAM-Downtown Cultural District with the many theatres, performance spaces and concert halls, including the Brooklyn Academy of Music Theatre and Cinemas, Theatre for A New Audience, Mack Morris Dance Group studio and the BRIC Arts Media House. TerraCRG has introduced the site with a Request for Proposals due in early March. Any proposals are subject to approval by the congregation as well as the attorney general. "We are working with Recovery House of Worship to find the appropriate development partner willing to maximize the space, utility and potential revenue for RHOW," said Ofer Cohen, founder and president of TerraCRG. "The developer's track record in developing well designed, efficiently built projects will also be considered while reviewing proposals as well." * TerraCRG was retained as the exclusive agent for the sale of 650 Metropolitan Ave. in the East Williamsburg neighborhood. Ofer Cohen, Melissa DiBella, Peter Matheos, Dan Marks and Michael Hernandez of TerraCRG are representing the seller. The 40 x 80 ft. development site is located between Leonard St. and Manhattan Ave. The site is zoned for a gross 14,720 s/f, and the current proposed plans call for an 11,040 s/f seven-story building consisting of 15 residential units. "The easy train access on the L train between North Williamsburg and Manhattan along with the variety of new gourmet restaurants and creative studio space in the neighborhood continues to attract new residents to East Williamsburg," said DiBella, partner and senior vice president of TerraCRG. * Hess has also been retained as the exclusive agent for the sale of 6024 Fifth Ave. in the Sunset Park neighborhood. This fully renovated mixed-use corner property is located in the heart of Sunset Park's Fifth Ave. retail corridor. The 25' wide, 9,250 s/f building is comprised of six large two-bedroom apartments and two commercial retail spaces. Four of the six apartments are newly renovated free market units in excellent condition, and two are rent-stabilized. The retail space consists of a pharmacy and a recently renovated dentist office. The property produces a gross annual income of $233,000 and has expenses of $59,000. The building generates an annual Net Operating Income of $174,000 and yields a 6% CAP rate. "We think the market response to this property will be tremendous. We are offering a 6% CAP rate for a fully renovated building located in the heart of Sunset Park's booming Fifth Avenue retail corridor," said Hess.