August 10, 2021

TerraCRG sells Brooklyn mixed-use building for $2.7 milion

Mentions Recent Closings

New York Business Journal

TerraCRG, a Brooklyn, New York-based commercial real estate brokerage, has closed on the sale of a mixed-use building on the border of Bushwick and Ridgewood neighborhoods.

TerraCRG Partner Matt Cosentino represented the seller, Eli Krantz, of Deergrow Developments.

Alex Lebowitz and Billy Hadad, both of Partners Path Capital, purchased the property for $2.7 million, or $511 per square foot.

The completely renovated building, located at 1712 Menahan St., has a ground floor bodega and five apartments, which are fully occupied. Its location, at the corner of Cypress Avenue and Menahan Avenue, places it within close proximity of numerous dining, arts, and entertainment options.

Among the most attractive features for the building, Cosentino told me, was the mixed-use status and bodega presence coupled with having fewer than six residential units. Bodegas have been among the strongest retail tenants throughout the pandemic and buildings with fewer than six units are exempt from the city’s stabilization measures.

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