TerraCRG Brokers Mixed-Use Sale on Border of Bushwick and Ridgewood
TerraCRG has closed on the sale of a mixed-use building at 1712 Menahan St. on the border of Bushwick in Brooklyn and Ridgewood in Queens. TerraCRG partner Matt Cosentino represented the seller, Eli Krantz, of Deergrow Developments, in the $2.7-million sale.
“We have worked with this seller for many years and have cultivated a relationship that has proven to be strong and longstanding,” said Cosentino, partner of TerraCRG.
The gut-renovated corner property consists of five rental apartments and a retail store, all of which are fully-occupied. Alex Lebowitz and Billy Haddad, of Partners Path Capital, purchased the property for a price reflecting a 6% capitalization rate at $511 per gross square foot.
Located on the corner of Cypress Avenue and Menahan Street, this property is situated on a high-traffic intersection, surrounded by a myriad of dining, arts, and entertainment options, says TerraCRG.