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TerraCRG Closes Deal for Bushwick Mixed-Use
TerraCRG closed on the $2,850,000 sale of 684 Central Ave. in Brooklyn’s Bushwick neighborhood. Partner Matt Cosentino and senior associate Rémi Norris represented the seller. Partners Path, a private investment firm, purchased the property for approximately $540 per square foot.
The 5,280-square-foot renovated property includes five rental apartments, with a neighborhood deli in the ground floor retail space. Situated on a corner lot, all the residential units are three-bedroom with numerous windows.
“This property in one of Brooklyn’s prime and evolving neighborhoods features significant upside on the rent roll,” said Cosentino. “The in place gross income reflects rents established during the pandemic, which means the cap rate should increase naturally over time.”
Located on the corner of Central Avenue and Moffat Street, the property is positioned a block from the Wilson Avenue L train station.
- ◦Sale/Acquisition
