My adult daughter and I recently tried to buy an apartment building on Chicago’s North Side, the Promised Land for Big Ten kids from the Midwest—they go to Chicago after college for four more years of life in the post-college bubble. We looked for buildings in Lakeview and Uptown, both up-and-coming North Side neighborhoods. (My family looks at buildings for a living. I’ve been in the real estate business since 1976.) We “ran the numbers” and concluded that in North Side Chicago we could get, at best, a 5 percent capitalization rate, meaning that we could expect rent payments after expenses to add up to only a 5 percent return.
TerraCRG has been retained to exclusively represent ownership in the sale of the ~6,951 SF commercial building at 1 Knickerbocker Avenue in the East Williamsburg/Bushwick neighborhood of Brooklyn. This prime corner property consists of a fully renovated bar & restaurant on the ground level with open office/studio space on the second floor. The two story building is built full on the lot and has ~ 4,634 SF above grade square footage plus a full basement with ~2,317 SF.
“Brooklyn developers are spending more money to provide higher-grade renovations to brownstones in the borough as sale prices continue to soar.”
TerraCRG has been retained to exclusively represent ownership in the sale of the elevatored mixed use building at 211 61st Street in the Sunset Park neighborhood of Brooklyn.