TerraCRG has completed the sale of 1 Knickerbocker Avenue, a corner building located in East Williamsburg/Bushwick. Matt Cosentino, along with his team, were the sole brokers. The property sold for $3 million, which was $500,000 above the original asking price.
“Many investors in the market believe retail in East Williamsburg/Bushwick is currently very undervalued and this is a big reason why there was such strong interest on this asset,” said Cosentino, vice president at TerraCRG. “The expectation is that retail rental growth will be significant in the near future as retail rents in the area are considerably below similarly attractive locations.”
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