TerraCRG completes two sales totaling $6.9 million

TerraCRG has brokered two sales totaling $6.9 million. In the first deal, Matthew Cosentino, VP of investment sales at TerraCRG, closed on the $3.65 million sale of 244 Madison St. in the Bedford-Stuyvesant neighborhood. 244 Madison St. is a four-story fully renovated multifamily building located between Nostrand Ave. and Marcy Ave. The building consists of eight three-bedroom/two-bathroom apartments, including two duplex apartments which have two and a half bathrooms and backyard access. All of the units have stainless steel appliances, granite countertops, wood floors, exposed brick walls, and brand new bathrooms. "In 2013, the Bed-Stuy, Bushwick, and Crown Heights region recorded the highest number of transactions in Brooklyn for the fourth year in a row," said Cosentino. "Clearly Bed-Stuy is booming, and the sale price of 244 Madison is a clear barometer of how rapidly the neighborhood is growing." TerraCRG also closed on the $3.25 million sale of the multifamily building at 851 Franklin Ave. in the Crown Heights neighborhood. The four-story, 16-unit building consists of 15 one-bedroom apartments and one two-bedroom apartment. The 8,400 s/f property was brought to market by Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG. "Crown Heights has experienced significant growth over the last decade. The sale price/SF for 851 Franklin Ave is significantly higher than the average for 2013, which was $182 per s/f," said Hernandez, senior associate. "The fact that this property sold for a 5.73% CAP rate just shows how robust the Crown Heights sales market is."