TerraCRG named exclusive agent of 25 Fayette Street

TerraCRG has been retained as the exclusive agent for the sale of the development site at 25 Fayette St. in the Bushwick neighborhood. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, and Michael Hernandez of TerraCRG are representing the seller. The 37.75 ft. x 100 ft., 12,818 BSF development site is located between Beaver St. and Broadway. Zoned for mixed-use, boutique hotel, or commercial development, the site is in a prime Bushwick location. Broadway is one of the main retail corridors of Bushwick, and the thoroughfare is lined with national retailers such as Walgreens, Verizon, T-Mobile, Dunkin Donuts, Planet Fitness, Crunch Fitness, Burger King, McDonalds, Footlocker, and Chase Bank. In the last few years, Bushwick has quickly grown due to the flourishing art and music scene and is now one of New York City's most popular neighborhoods. The neighborhood experienced an influx of artists, musicians, and young professionals, which brought new retail, restaurants, bars, and cafés. New construction and conversion rental buildings in Bushwick are currently surpassing rents of $45 per s/f. The site is located just one block from Flushing Ave., which is the border between Bushwick and East Williamsburg. New construction and conversion rental buildings in East Williamsburg are currently achieving rents in the mid $50/SF range, and condominium sellouts are exceeding $1,100 per s/f. Just one block from the Flushing Avenue J & M subway station, the site is only four stops from Manhattan. The property is also accessible through the B43 bus line that runs north and south on Graham Avenue, and the B57, B46, and B47 which run north and south on Broadway. "This site offers a rare opportunity to build a mixed use or boutique hotel development in prime Bushwick," said Matheos, senior associate of TerraCRG. "The proximity to East Williamsburg, combined with the popularity of Bushwick and the strength of the retail on Broadway really lends itself to a great project."