TerraCRG Closes Sales on Five Brooklyn Properties Totaling $10.08 Million
Sites Include Vacant Mixed-Use and Occupied Buildings and a Lot with Plans for Development
New York, NY - November 29, 2012 - TerraCRG, Brooklyn's leading commercial real estate brokerage and advisory firm, announced today the sale of five properties in Brooklyn, NY, with a combined total amount of $10.08 million. Located at 137 5th Avenue, 139 Starr Street, 375 Prospect Place, 156 Broadway and 213 Union Street, the properties cover a wide range of neighborhoods, including Park Slope, Bushwick, Prospect Heights, Williamsburg and Cobble Hill, respectively.
137 5th Avenue, located on the corner of 5th Avenue and St. John's Place in Park Slope, is comprised of four residential units and one commercial unit. The five-story, 6,830 square foot building sold on November 1, 2012 for $3.75 million equal to a cap rate of 6.24 percent.
139 Starr Street, located near Knickerbocker Avenue in Bushwick, is a fully occupied four-story, eight-unit brick building. The 4,500 square foot property sold on October 18, 2012 for $1.2 million equal to a cap rate of 6.1 percent.
The residential development site at 375 Prospect Place, located near Underhill Avenue and Washington Avenue in Prospect Heights, is a vacant, 9,540 square foot lot. The owner plans to develop a seven-unit building consisting of six stories and a cellar. It sold on October 4, 2012 for $1.2 million equal to $147 per buildable square foot.
156 Broadway, located near Bedford Avenue and Driggs Avenue in Williamsburg, is an 8,619 square foot vacant, mixed-use building consisting of three stories. It was sold on September 28, 2012 for $2.65 million equal to $354 per existing square foot.
213 Union Street, located in Cobble Hill, is a vacant three-story, 4,400 square foot, mixed-use, commercial building with three units. It was sold on October 4, 2012, for $1.275 million equal to $290 per existing square foot.
“These recent transactions demonstrate the strength of the Brooklyn commercial sales market which we anticipate will total $3 billion dollars in sales for 2012,” said Ofer Cohen, founder and president of TerraCRG. “Our firm is on track to close over 50 deals in Brooklyn this year, positioning us at the forefront of the Brooklyn commercial sales market and establishing us as true leaders in this area.”
About TerraCRG
TerraCRG is Brooklyn's leading commercial brokerage and advisory firm focusing solely on the Brooklyn market. The firm specializes in Investment Sales, Commercial Leasing and Loan Sale Advisory Services. More info: www.terracrg.com
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
