Brooklyn, NY TerraCRG has closed on the $7.4 million sale of a 15,300 s/f development site located 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 ‘Affordable NY’,” 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.”
The site’s current mixed-use zoning allows for a 52,889 ZFA s/f mixed-use building with retail on the ground level and residential above, or 70,518 ZFA s/f with the Inclusionary Housing requirement. If proposed as fully commercial/community facility, the zoning allows for 61,320 commercial ZFA s/f. Horizon at Flatbush LLC purchased the site.
The Affordable New York Housing Program is set to expire in June 2022.
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.
“Our strong track record working with this seller helped us facilitate a quick sale that took less than two months from start to finish,” said Cosentino, partner of TerraCRG. “Free-market, tax class-protected buildings like these continue to attract aggressive buyer interest.”
784, 786, and 788 Rogers Ave. each contain two residential units above a ground floor retail unit, together totaling 8,320 s/f. The free-market, gut renovated properties have a net operating income of about $245,000 annually, which equates to a 6% cap rate.
Jonathan Roh and Seung Hyun Kim acquired the properties, which are two blocks away from the 2 and 5 trains at Church Ave. and surrounded by major retail corridors, enabling access to restaurants, cafes, and national and boutique tenants.
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