TerraCRG sells Prospect Heights/Crown Heights development site for $1.585 million

TerraCRG, Brooklyn's leading commercial real estate brokerage firm, announced that they have closed on the sale of the development site located at 949 Pacific Street, situated on the border of Prospect Heights and Crown Heights in Brooklyn. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez, and Joey Terzi of TerraCRG represented the owner and sold the property last week for $1.585 million, which equates to $385/BSF. The site is located between Washington Avenue and Grand Avenue on the border of Prospect Heights and Crown Heights. The property was partially constructed and delivered with active permits and approved plans for 4,120 s/f gross s/f and calls for four units, including three floor-through one bedroom apartments and one duplex two bedroom penthouse apartment. The site is just three blocks from Vanderbilt Avenue, which has been established as a true retail corridor. More than 20 food establishments have opened on the Avenue, including some of Brooklyn's trendiest restaurants. The Vanderbilt corridor draws from several different neighborhoods, uniquely close to Park Slope, Clinton Hill, and Fort Greene. The property is located near the Barclays Center, Prospect Park, The Brooklyn Museum, Brooklyn Public Library, and the Brooklyn Botanic Garden. The site is just three blocks from the Clinton Street C subway station, and is also accessible by the 2 & 3 lines at the Bergen Street subway station and the Q & B subway lines at the Seventh Avenue subway station. The Barclays Center is just blocks away, with access to the 2, 3, 4, 5, D, N, R, B & Q trains as well as the Long Island Railroad. "The sellers achieved premium pricing by delivering the partially constructed site with approved plans and active permits," said Peter Matheos, senior associate at TerraCRG. "In today's dynamic market, this is a rare find," Matheos adds.