Cohen and Warren of TerraCRG complete sale of 570 Fulton Street for $22.9 million

Brooklyn, NY TerraCRG, one of Brooklyn’s leading commercial real estate brokerage and advisory firms, arranged the sale of 570 Fulton St. Ofer Cohen and Melissa Warren’s team were the sole brokers in the transaction which sold for $22.9 million. The 71,920 BSF development site, located in the BAM Cultural District, between Flatbush Avenue and Rockwell Place, has 100 feet of frontage on Fulton Street. The property is zoned for residential, retail, hotel, office or mixed-use development. In 2014, the owner of the property, SCO Family of Services, retained TerraCRG to sell the site in Brooklyn after owning and operating out of the 21,000 SF building for almost thirty years. The organization had originally purchased the site in 1985 for nearly $500,000. “Given the strong real estate market in Downtown Brooklyn, SCO Family of Services’ Board of Directors decided to sell 570 Fulton Street, a building that we have owned and occupied for nearly three decades,” said Douglas O’Dell, executive director of SCO Family Services. With the 2005 Downtown Brooklyn Rezoning, the ownership was also hoping to capitalize on the higher density and increased investor interest. O’Dell said, “The proceeds from this property sale will ensure the long-term continuity of our programming for populations and communities most in need in New York City and on Long Island.” “The Downtown Brooklyn market is going through one of the most robust urban transformations in the country with over 14,000 residential units and over 1,000 hotel rooms currently in different stages of development,” said Cohen, founder and president of TerraCRG. ”One of the largest retail and mixed-use developments in the Northeast,” referring to City Point, “is located just one block away.” “We believe the development at 570 Fulton will add another strong component to this city-within-a-city. It’s another great example of a non-profit leadership strategically timing a sale of an asset and taking advantage of the land price upswing in the current stage of the market cycle,” said Cohen. The buyer of the property was 570 Fulton LLC. The site is within the Fulton Mall/City Point retail corridor, the new BRIC Media House, and many residential developments that followed the Flatbush Avenue Rezoning, including neighboring 66 Rockwell Place. The property is located in the Brooklyn Tech Triangle and stands to benefit from improved accessibility, enhanced internet infrastructure and area beautification.