TerraCRG arranges sale of development site at 269-271 Fourth Avenue for $4.4 million

TerraCRG, one of Brooklyn's leading commercial real estate brokerage and advisory firms, have closed on the development site at 269-271 Fourth Ave. The property is located in the prime Park Slope Fourth Ave. corridor between Garfield Place and First St. in the Park Slope neighborhood. The development site, which entered into contract in March 2013 and closed at the end of December 2013, sold for $4.4 million. 269-271 Fourth Ave. spans two lots and has an irregular footprint of 50.75 ft x 132.79 ft, totaling 4,353 s/f. There is an existing 3,964 s/f industrial building on the site which was delivered vacant. The site is just three blocks from the Union Street R subway station, making the commute into Manhattan only 15 minutes. The property neighbors several new construction and rental condominium buildings, and the immediate area features notable developments including the Barclays Arena, and the newly opened Whole Foods Supermarket just three blocks away on Third Street and Third Avenue. Known for its iconic brownstones, nightlife, restaurants, schools, and shopping, Park Slope was recently ranked by New York Magazine as the most livable neighborhood in New York. Earlier in 2013, TerraCRG sold 265 Fourth Ave., a multifamily building for $4.125 million in May 2013 and 275 Fourth Ave., a development site in July 2013 for $14.8 million. "The sale of 269-271 Fourth Ave. marks the third and final piece in the entire block of Park Slope frontage, located between Garfield Place and First St. TerraCRG sold all three properties over the course of the last year," said Peter Matheos, senior associate of TerraCRG. "With the continued strength of the rental market and tight condo unit inventory in Park Slope, developers are showing confidence in small and medium sites along the Fourth Avenue corridor," said Ofer Cohen, Founder And President of TerraCRG. "There are very few readily available sites in this part of Brooklyn," said Cohen.