April 23, 2019

The Power 100: Commercial Real Estate’s Most Powerful Players

Mentions News

Commercial Observer

94. Ofer Cohen and Dan Marks

Founder and President; Partner at TerraCRG


Brooklyn and TerraCRG go together like chocolate syrup and seltzer in an egg cream. So, it’s no wonder that its founder and president, Ofer Cohen, is refusing entreaties to open up an office in—gasp—Queens.

“The number one question we get asked is, when are we opening our Queens office and we say, no, we’re only focused on Brooklyn,” Cohen said. “That’s [an area] we’ve worked very hard to maintain and the market has been responding to the way we conduct ourselves and conduct business.”

The firm celebrated its 10th year last year by closing the purchase of a $115 million assemblage in Gowanus for Two Trees Management, which was the buyer. It also helped Sugar Hill Capital Partners acquire the gallery-filled 59 Bogart Street complex for $40 million, perhaps the “heart” of the Bushwick art scene.

But TerraCRG has also worked with Brooklyn families to sell their properties, which have risen to an almost unfathomable value, so they can pass their wealth to their kids and still buy a nice condominium unit in Sarasota.

“I’m super proud of the many transactions we completed with mom-and-pop-owned assets to help them maximize their value and pass it on to younger generations,” said Dan Marks.

The deals continued rolling through the new year. TerraCRG helped the family who owned 545 Sackett Street sell their property for $32 million and the brokerage is currently marketing two family-owned residential properties in Gowanus for $50 million.

In March, TerraCRG helped Brownstoner Founder Jonathan Butler unload 1000 Dean Street, home to Butler’s Berg’n beer hall, to Asher Abehsera’s LIVWRK for nearly $60 million.

“It’s one of the very first creative office conversions in Brooklyn,” Cohen said. “It was a pioneer, almost like the office equivalent of a multifamily building, and a lot of leases are turning.”—A.S.

Read the full article here