September 15, 2021

ON THE SCENE: Latest middle market sales

Mentions News

Real Estate Weekly

TerraCRG announced the following sales:

• An 11,000 s/f development site at 2771 – 2777 Atlantic Avenue in Cypress Hills for $2,950,000. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown represented the seller, 2771 Atlantic Realty, LLC. The site has the potential to bring up to 55 new housing units to the market. It is located within an Opportunity Zone and allows for approximately 43,700 buildable square feet and is split-zoned R8A/R5B, C2-4, EC-5. There are currently three mixed-use buildings on the lots that will be delivered vacant.

• The $3.15 million sale of an approximately 3,600 s/f property located at 305 Nevins Street in the Gowanus rezoning area. Dan Marks and Daniel Lebor were the sole brokers in the off-market transaction. The building is leased to Ample Hills Creamery s, which will remain at the location per the terms of it lease. Avery Hall Investments has two potential plans for a development site in Gowanus. Both depend on the city rezoning the neighborhood, and one relies on acquiring 50,000 s/f of air rights. The developer has unveiled proposals for a 14-story residential building with 125 apartments at 272 Fourth Avenue. Under this scenario, more than 30 units would be set aside for low- to middle-income tenants. Avery also is eyeing 50,000 square feet of air rights owned by the city, which could be transferred from an adjacent MTA substation at 276 Fourth Avenue. If the rezoning is approved and Avery wins the bid for the air rights, it could build up to 200 residential units, with 50 affordable apartments. The company estimates that total cost of development, with the air rights purchase, would clock in around $120 million. Without the rights, it would total $90 million.