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Brokerage
Posted: August 9, 2022
TerraCRG sells $3.25 million corner mixed-use property
Brooklyn, NY TerraCRG has closed on the $3.25 million sale of 854 Bushwick Ave., a corner mixed-use property. Partner Matt Cosentino and associates Isaiah Thomas and Rémi Norris of TerraCRG exclusively represented the seller on this deal.
Alex Lebowitz, William Haddad, and Michael Kalt of Partners Path Capital purchased the property from Eli Kranz of Deergrow Developments. The purchase price equates to an average of $450 per square foot with a cap rate of 5.5%.
This four-story 7,372 s/f property has a total of 9 units, with 7 of those being residential apartments and 2 of them being commercial spaces. On the commercial side, one of the spaces is occupied by Salt & Pepper Deli & Grill, a local 24-hour grocery store, while the other is occupied by a Covid testing site.
“This property has significant rental upside as many of the in-place leases were signed during the height of Covid and with the continued rental recovery, the gross income on the property should grow rapidly,” said Cosentino.
Located on the corner of Kossuth Pl & Bushwick Ave., the property sits near local nightlife, restaurants, bars, and coffee shops. Highlights include Hart Bar, Ornithology Jazz Club, BK Bagels, Fat Doughnut, Le Garage, Wonderville and the Buren, amongst others. The property is also in close proximity to Maria Hernandez Park and benefits from nearby transit options.
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