TerraCRG closes $2.16 million sale of 1375 Bedford Ave.

Brooklyn, NY TerraCRG closed on the sale of 1375 Bedford Ave., a three-unit mixed-use property located at the intersection of Bedford Ave., Bergen St. and Rogers St. in Crown Heights. TerraCRG’s Matt Cosentino, Remi Norris and Daniel Chung were the exclusive brokers which sold for $2.16 million equal to a ~6% cap rate and $575 per s/f.

The property has access to eight subway lines, including the A and C trains at Nostrand Ave., the S train at Park Place, and the 2, 3, 4, and 5 trains at nearby Nostrand Ave.

Situated at a corner between Rogers and Nostrand Aves., the building benefits from proximity to some of Brooklyn’s most notable cultural and recreational destinations, including Prospect Park, the Brooklyn Museum, and the Brooklyn Botanic Garden. The surrounding retail corridor includes a dynamic mix of popular eateries and local businesses such as Agi’s Counter, Amani Market, and Wino(t).

“This sale reflects continued investor interest in well-located, mixed-use assets in Brooklyn,” said Matt Cosentino, partner at TerraCRG. “With its strong in-place retail tenant, the desirability of free market residential units, and proximity to key neighborhood attractions and transit, 1375 Bedford Ave. checked all the boxes for today’s multifamily investors.”