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Deals & Dealmakers

SELLING POINTS: TerraCRG sells Brooklyn church for $13.5m

Brooklyn church/school site sold

TerraCRG has announced the sale of 257 Washington Avenue, a 32,000 s/f development site in Clinton Hill, Brooklyn. The $13,500,000 deal was brokered by a TerraCRG team led by Dan Marks.

“My team and I are happy to announce the sale of 257 Washington Avenue in Clinton Hill,” said Dan Marks, Partner at TerraCRG. “We’re excited to see the new owner bring renewed life to this beautiful building.”

The property, located between Willoughby Avenue and Dekalb Avenue, is a former church and school in the Clinton Hill Historic District of Brooklyn. The block-through property is improved by an existing church building on Washington Avenue and a contiguous school building facing Hall Street. The Hall Street building is overlooking Pratt University’s campus across the street.

Clinton Hill is centrally located between Downtown Brooklyn’s Fort Greene, Barclays Center/Atlantic Terminal and brownstone-rich Bedford Stuyvesant. Situated in close proximity to three strong retail corridors, Dekalb Avenue, Myrtle Avenue and Fulton Street, the buildings are within a short walking distance to some of the most acclaimed restaurants in Brooklyn.

The property is located within walking distance from Fort Greene Park, Brooklyn Academy of Music (BAM) and the Barclays Center. The commute to Union Square in Manhattan is only 20 minutes with the Clinton/Washington G train stop just few blocks away and with the C stop on Lafayette Ave only a 10-minute walk.

NJ medical center sold for $20M

CBRE thas announced the $20 million sale of the Bergen Medical Center located at 1 West Ridgewood Avenue in Paramus, NJ. The buyer, a private investor, acquired the 75,000 s/f medical office property from the Eye Institute of New Jersey.

The CBRE team of Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate represented the Eye Institute of New Jersey in the sale and procured the buyer.

Built in 1988, Bergen Medical Center sits on approximately five acres in one of the County’s health care arteries, off Route 17. The property is in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center.

“The purchaser will benefit from bringing managerial efficiencies to the building that will better serve the tenants, as well as improve the overall performance of the asset,” noted Gambuzza. “The property provides the ideal value-add opportunity for the new ownership to lease vacant space and increase NOI through its hands-on management approach.”

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