Cohen and Warren of TerraCRG selected to market 1127-1129 Flatbush Avenue

Brooklyn, NY TerraCRG has been retained to sell the development site at 1127-1129 Flatbush Ave. in the Flatbush neighborhood. Ofer Cohen and Melissa Warren, along with their team, are marketing the site with approved plans in place for a mixed-use development that qualifies for 421a tax abatement. Ownership has since acquired additional air rights for the total of a 28,650 gross s/f development. The development site, located between Clarendon and Cortelyou Roads, has 37.5 ft. of frontage along Flatbush Ave., and is right down the block from the newly restored Kings Theatre, which just went through a $95 million restoration this past year. The amended plans for this property call for an eight- story, mixed-use development consisting of 28 residential units, 2,717 s/f of retail and 400 s/f of highly in-demand community facility. New building permits are in place, as well as footings to qualify for the 421a tax abatement. Retail rents for this section of Flatbush Ave. are reaching the high $60/SF level, with residential rents projected in the mid $40 per s/f range. “This stretch of Flatbush Avenue already has a large retail presence with national retailers such as Gap and Target already on the corridor,” said Warren. “The lively corridor continues to attract new retailers and residents alike as they take notice of the attractive pricing/s/f for both retail and residential, as well as the amenities the neighborhood has to offer.”