TerraCRG completes two sales in Brooklyn totaling $5.726 million; Hess, Shalumov and Pechlivanides secure $4.3 million sale

TerraCRG (www.terracrg.com), one of Brooklyn's leading commercial real estate brokerage firms, completed the following two sales totaling $5.726 million. In the first transaction, Adam Hess, partner and senior vice president of TerraCRG, closed the sale of 459 Bay Ridge Ave. in the Bay Ridge neighborhood. Hess and his team, associates Sam Shalumov and Chris Pechlivanides, represented the buyer, Andy Pitsillos, and the seller, Enterprise Bay Ridge LLC. Located between Fourth and Fifth Ave., the vacant 20 unit property was marketed and placed into contract in just 30 days and closed for $4.3 million which equates to $330 per s/f. The property is located on Bay Ridge Ave. between the Fourth and Fifth Ave. retail corridors. "Ownership was pleased that we were able to place the property in contract quickly and achieve a premium sale price," said Hess. "The purchaser will be creating a high-end rental project, which should satisfy demand for housing in the strong Bay Ridge market." In the second transaction, Matthew Cosentino, VP of investment sales at TerraCRG closed the sale of 382-384 Macon St. in the Stuyvesant Heights Historic District of Bedford-Stuyvesant. 382-384 Macon St. is a multifamily building located between Marcus Garvey Blvd. and Lewis Ave. The three-unit, 3,600 s/f building was sold along with the adjacent garage, which has an additional 4,000 s/f of total buildable space. The buyer has plans to fully renovate the property. The vacant property sold for $1.426 million. which was $226,000 above the asking price. "There has been a huge increase in demand for Bedford Stuyvesant brownstones from both end-users and investors," said Cosentino. "The increased demand combined with very limited supply, particularly near the A and C subway stations along Fulton St., has caused this market to see some of the largest price increases in Brooklyn."