September 28, 2021

3 mixed use buildings sell in Flatbush for $3.9 million

Mentions News

New York Business Journal

Three newly renovated mixed-use buildings in the Flatbush section of Brooklyn have sold for $3.95 million, TerraCRG announced.

The seller, Deergrow Developments, was represented by TerraCRG’s Matthew Cosentino, who leads investment sales, and Isaiah Thomas.

784, 786, and 788 Rogers Avenue each contains five residential units, ground-floor retail space, and $245,000 in annual income. The properties are blocks away from the 2 and 5 trains at Church Avenue and numerous public transit options.

784 Rogers Avenue contains two two-bedroom units with an asking rent of $2,400 per month for each unit along with three three-bedroom units with an asking rent of $2,500 per month for each unit.

786 Rogers Avenue contains two two-bedroom units with an asking rent of $2,250 per month for each unit along with three three-bedroom units with an asking rent of $2,400 per month for each unit.

784-786 Rogers Avenue retail space spans 2,700 square feet with an asking rent of $33 per square foot. A marriage and family therapy counselor is currently leasing this space.

788 Rogers Avenue contains two two-bedroom units with asking rent of $2,450 per month for each unit along with three three-bedrooms with an asking rent of $2,400 per month for each unit.

788 Rogers Avenue spans 800 square feet with an asking rent of $33 per square foot. Gemilli Event Space is the current tenant.

Additionally, these properties garner certain tax advantages and are exempt from the city’s rent stabilization efforts due to having less than six units, Cosentino said.

“Our strong track record working with this seller helped us facilitate a quick sale that took less than two months from start to finish,” Cosentino said. “Free-market, tax class– protected buildings like these continue to attract aggressive buyer interest.”