TerraCRG Arranges $9 million Downtown Brooklyn Sale
Al Barbarino Sept. 26, 2013, 8 a.m.
Brooklyn commercial real estate brokerage and advisory firm TerraCRG has closed on the sale of two commercial units at the TOREN condominium at 150 Myrtle Avenue in Downtown Brooklyn for a combined $9 million.
The 11,000-square-foot ground floor retail space has over 280 feet of frontage on Flatbush Avenue and is currently occupied by Metropolitan City Market. The retail unit sold for $6.75 million; while the 21,780-square-foot, three-level parking garage, which currently has an operator in place and allows for 97 parking spaces, sold for $2.25 million.
“In the immediate area of Downtown Brooklyn over 3,500 new construction luxury apartments were built and over 3,000 units are in the development pipeline right now… making this a unique opportunity to capitalize on this under-served market” said Ofer Cohen, founder and president of TerraCRG, who along with colleagues Melissa DiBella and Geoffrey Bailey handled both sides of the transaction, in a statement announcing the sales.
The Toren is an approximately 263,750-square-foot, 38-story luxury condominium tower located at in the Downtown Brooklyn neighborhood of Brooklyn, near CityPoint, the mixed-use development with approximately 1.5 million square feet of retail and a mixture of affordable and market-rate housing.
“Commercial condominiums are a sought-after asset class in today’s marketplace” said Geoffrey Bailey, head of retail services at TerraCRG, in the statement. “While the immediate area of Downtown Brooklyn is seeing robust new development, the majority of the buildings are luxury rentals so the opportunity for investors to find a retail condo is rare.”
Mr. Cohen could not be reached for comment in time for publication.