Brooklyn Property Investor Buys Bed-Stuy Building for $2.05M
Danielle Schlanger Sept. 23, 2014, 3:31 p.m.
A four-story, mixed-use property at 328 Marcus Garvey Boulevard in Bedford-Stuyvesant has been sold for $2.05 million, or $360 per square foot.
Located on the corner of commercial corridor Marcus Garvey Boulevard and Madison Street, the building contains three residential units and two retail units on the ground floor. Altogether, there is roughly 5,600 square feet of usable space.
Propertyshark.com lists Mark Woode of South Orange, N.J. as the seller. The buyer, Gilad Rabina, is a Brooklyn property investor
TerraCRG’s Matthew Cosentino, Eric Satanovsky and Robert McDonald represented both the buyer and the seller. The deal closed on Sept. 12.
Mr. Cosentino, the vice president of the investment sales team at TerraCRG, said the property likely would have sold for more had renovations in the building been completed.
“One of the units was not finished, so I think it was actually a pretty reasonable price considering that,” he said. “A lot of properties we’re seeing now are north of $400, even $500 per square foot in Bed-Stuy.”
Mr. Cosentino also stressed that prices in Bed-Stuy vary block-by-block and proximity to Fulton Street and the A and C trains largely dictate demand.
The new owner plans to complete the unfinished renovation by finishing the top floor and working in the other two residential units. There will also be a push to move a retailer into the vacant second store.
Mr. Cosentino stressed that the sale is “just another example of the huge demand for investors and developers to try to get nice product in the neighborhood now.”
“The expectation is the prices will continue to rise in this location,” he concluded.