September 6, 2016

TerraCRG Closes $30M Sale of Downtown Brooklyn Development Site

News Property News

Commercial Observer

According to TerraCRG’s Ofer Cohen, who represented the seller with colleagues Melissa Warren, Dan Marks and Peter Matheos, both sides agreed to the August closing date so Cammarato could “have more flexibility” to purchase property via a 1031 exchange—which allows investors to defer taxes on a newly acquired property after a sale.

“He took advantage of a very healthy market,” Cohen told CO. “If he had put it on the market today it would not have been such a great return. Timing is everything. He was smart enough to take advantage of the market.”

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