TerraCRG has closed on the $7.4 million sale of a 15,300 s/f development site at 1070 Flatbush Ave. in Flatbush. Ofer Cohen, Daniel Lebor, and Peter Matheos of TerraCRG represented the seller, Freda Realty Company, LLC.
“This is a great example of one of the last deals of ‘AffordableNY,’” said Cohen, founder and CEO of TerraCRG. “Because of the looming expiration of the tax abatement program, there was a rush this past spring to secure sites and go vertical on time.”
TerraCRG also closed on the sale of three contiguous mixed-use buildings in Flatbush totaling $3.95 million. Matt Cosentino and Isaiah Thomas of TerraCRG exclusively represented the seller, Deergrow Developments.
The Affordable New York Housing Program is set to expire in June 2022.
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