February 19, 2020

Selling Points: Builder Buys Park Slope Development Site

News Recent Closings

Real Estate Weekly

Brooklyn builder Tolib Mansurov has purchased a Park Slope development site.

TerraCRG brokered the sale of 75 Fourth Avenue, one of the last opportunities to acquire a development site along Fourth Avenue before the proposed Gowanus Rezoning.

Ofer Cohen, Dan Marks, Daniel Lebor, Peter Matheos and Mike Rafter have closed the deal at $13.2 million.

“In today’s market, it’s a rarity to find four contiguous parcels totaling an as of right of 37,000 bsf along Fourth Avenue. Regardless of what happens with the Gowanus Rezoning this site provides one of the last opportunities to acquire a site of this size in one of the most coveted neighborhoods in Brooklyn,” said Matheos.

TerraCRG exclusively represented both the seller, Fourth New York Realty Co., and the buyer, Global Industries LLC.

Currently zoned C2-4/R8A, the four lots between 69 and 75 Fourth Avenue equate to a combined 6,188 lot s/f with up to 40,222 BSF as of right.

The proposed Gowanus Rezoning framework calls for a change to C4-4D modified district, allowing for 52,599 ZFA and a 8.5 FAR with MIH.

Read the full article here