TerraCRG sells adjacent mixed-use buildings for $5.37 million

Brooklyn, NY TerraCRG, a leading commercial real estate brokerage firm, has closed on the sale of two individual mixed-use buildings adjacent to each other on Park Slope’s 5th Ave. for a total of $5.37 million. Partner Matt Cosentino and senior associate Remi Norris represented both sellers in the separate off-market transactions. The properties located at 500A and 502 5th Ave. are both free market, tax-class protected buildings, with 2 residential units over a ground floor retail space. 

“These closings represent the market’s continued confidence in free market mixed-use investment opportunities – as well as our firm’s ability to maximize value for long-time property owners,” said Norris. 

Each building totals 3,600 gross s/f. 500A 5th Ave. sold at a closing price of $2.7 million, which represents $750 per gross s/f. 502 5th Ave. sold at a closing price of $2.66 million, which represents $740 per gross s/f. 

The properties are located a few blocks away from the 4th Ave / 9th Street subway station, with access to the F, G, and R trains to the rest of Brooklyn, Manhattan, and Queens.