TerraCRG Announces New Listings of Five Multifamily and Mixed-Use Buildings Totaling $11.6 Million

Properties Located Throughout Central Brooklyn

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. December 18, 2012

Brooklyn, NY - December 18, 2012 - TerraCRG, Brooklyn's leading commercial real estate brokerage and advisory firm, announced today that it has been retained exclusively to sell five multifamily and mixed-use buildings in Brooklyn, NY, totaling $12.2 million. The buildings are located at 1297 St. Marks Avenue, 1444 Pacific Street, 604-611 Flatbush Avenue, 1283 Rogers Avenue and 2201 Cortelyou Road in the neighborhoods of Crown Heights, Prospect Lefferts Garden, Flatbush and the Ditmas Park section of Flatbush, respectively.

1297 St. Marks Avenue, located between Rochester and Buffalo Avenues in Crown Heights, is a vacant, six-unit, three-story, multifamily building totaling 4,500 square feet. The property is currently undergoing renovation and, once completed, income is projected at $2,200 per month, per unit, totaling $158,400 per year. The asking price is $800,000.

Also in Crown Heights, 1444 Pacific Street, located near Kingston Avenue and Brooklyn Avenue, is a four-story, 6,328 square foot, multifamily building consisting of eight residential, three-bedroom units, four of which are currently vacant. The property is listed at $1.35 million with a projected gross rent of $146,760 per year.

604-611 Flatbush Avenue, located on the corner of Rutland Road and Flatbush Avenue in Prospect Lefferts Garden, is a 38 unit, 37,225 square foot, mixed-use building consisting of 33 residential units and five commercial units, all currently occupied. The residential apartments are divided into six studios, 11 one-bedroom, five two-bedroom and 11 three-bedroom apartments. Actual income for the property is $50,962 per month with annual expenses projected at $213,218, and the projected net operating income at $406,215 annually. The asking price is $5.9 million. 1283 Rogers Avenue, located between Newkirk Avenue and Foster Avenue in Flatbush, is a seven-unit, 4,725 square foot, mixed-use building consisting of four two-bedroom apartments and three commercial units currently occupied by a corner deli, a beauty salon and a car paint shop. The gross monthly income for the property is approximately $10,500 per month, and, after expenses, projected net operating income is $90,000 annually, equal to a projected cap rate of 8.2 percent. The asking price for the building is $999,000.

2201 Cortelyou Road, located at the corner of East 22nd Street and Cortelyou Road in the Ditmas Park section of Flatbush, is a five-story, 20-unit, multifamily building consisting of 18,000 square feet. The units are divided into 11 one-bedroom and nine two-bedroom apartments. The building currently produces rental income of approximately $258,000 annually. The asking price is $2.55 million.

“Central Brooklyn neighborhoods, especially Crown Heights, Prospect Lefferts Gardens and Flatbush are among the latest beneficiaries of Brooklyn's revitalization as these areas have become attractive alternative for residents priced out of nearby Park Slope and Prospect Heights,” said Yona Edelkopf, vice president of investment sales at TerraCRG. “As a result of the transformation taking place in Brooklyn, owners and foreign investors are taking advantage of these trends and Brooklyn's escalating real estate market.”

About TerraCRG
TerraCRG is a commercial brokerage and advisory firm focusing solely on commercial transactions in the Brooklyn market. Over the last five years, TerraCRG has established itself as the leading expert on the Brooklyn investment sales market, completing over 50 transactions a year by tailoring its approach to suit the needs of investors, property owners, developers and lenders. The TerraCRG team, comprised of seasoned professionals who live and work in Brooklyn, possesses an unparalleled understanding of the unique dynamics and trends driving Brooklyn commercial real estate. The firm specializes in the sale of Multifamily and Mixed-Use Assets, Development Sites, Retail Leasing and Industrial Dispositions. For more information on TerraCRG, or to visit our office across from the new Barclays Center, please visit: www.terracrg.com