Sigourney, Burk, and Tamara of CPEX complete sale of 659 Washington Avenue for $1.445 million

The CPEX New York mixed-use investment sales team arranged the sale of a three-story mixed-use building located at 659 Washington Avenue. Located on the corner of Washington Avenue and St. Marks Avenue in Prospect Heights, 659 Washington Avenue consists of three units totaling 3,080 s/f. This includes two free-market residential apartments and one commercial space. The building was delivered partially vacant. Zoned R6A with a C2-4 commercial overlay, the property also offers 1,798 s/f of additional air rights. The sale price was $1.445 million all cash. The property sold for $469 per s/f, or $296 per buildable s/f. CPEX's mixed-use team, consisting of managing director Scott Burk, Esq., associate director Andre Sigourney, and associate Luis Tamara, represented the seller and procured the purchaser in the transaction. This marks the sixth transaction CPEX has completed along Washington Avenue in the past year. In addition to the sale of 659 Washington Avenue, the CPEX Mixed-Use Sales Team has sold 784 Washington Avenue, while the CPEX Retail Leasing Team has leased four spaces on Washington Avenue. "As the retail transforms on Washington Avenue and residential rents skyrocket on the border of Prospect Heights and Crown Heights, we predict that mixed-use property values will continue to rise," said Sigourney. "Quality Brooklyn-based businesses have relocated to Washington Avenue as they have been pushed out of pricier markets. As a result, a number of other trendy tenants looking to expand their businesses have decided to open new locations in the area."