October 17, 2017

TerraCRG handles two Brooklyn sales totaling $6 million; Includes $4.85 million arranged by Matheos and Algarin

New York Real Estate Journal

In the first sale, TerraCRG sold 440 Senator St., a four-story, 20-unit apartment building in Bay Ridge. The deal was brokered by Peter Matheos, senior vice president, and David Algarin, associate vice president at $4.85 million.

“The continued job growth throughout Brooklyn, especially at nearby sites like Industry City, has created an influx of residential tenants moving to Bay Ridge and the surrounding neighborhoods,” said Matheos. “People are looking for quality, affordable living options that are closer to work, making assets in the area more lucrative than before.”

In the second deal, TerraCRG sold 786 Knickerbocker Ave. in Bushwick for $1.15 million. The 2,480 s/f mixed-use building was brokered by Matt Cosentino, vice president, Eric Satanovsky, senior associate and Fred Bijou, associate. The purchaser was Cycamore Capital, an investment firm based in Brooklyn that specializes in value-add multifamily and mixed-use assets.

“The market around the Halsey L train station, particularly around Irving Square Park, continues to be very attractive to investors, which brought a lot of interest to this property,” said Cosentino. “The residential development here has exploded and it’s logical that retail growth will follow providing strong upside potential in this property.”

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