Five-Building Prospect-Lefferts Gardens Package Sells for $3.65 Million


Brooklyn commercial real estate brokerage TerraCRG has closed on the $3.65 million sale of 1198-1206 Nostrand Avenue, a mixed-used building package in Prospect-Lefferts Gardens.

The five contiguous properties each feature two market-rate apartment units and a ground floor commercial space. Together, the buildings contain 5,216 square feet of ground floor retail space and 163 feet of wraparound frontage.

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1198-1206 Nostrand Avenue
1198-1206 Nostrand Avenue

The portfolio’s 10,432-square-foot residential portion is divided between eight three-bedroom and two four-bedroom apartments.

“Prospect-Lefferts Gardens has captured the attention of investors and developers alike with its close proximity to Prospect Park and easy subway access,” Melissa DiBella, partner and senior vice president of TerraCRG, said in a prepared statement. “Several large residential projects are currently in construction, which will continue to bring new residents to the area increasing the demand for retail services in the neighborhood.”

Ms. DiBella, Ofer Cohen, Dan Marks, Peter Matheos, and Mike Hernandez of TerraCRG represented the buyer and seller in this all cash transaction.