Marks and Lebor of TerraCRG broker $21.5 million sale of 320 Smith St.

Brooklyn, NY TerraCRG brokered the $21.5 million sale of 320 Smith St., a park-front mixed-use property in Carroll Gardens. TerraCRG exclusively represented the seller, a long-term family ownership. The buyer requested to remain anonymous until redevelopment plans are finalized.

The transaction was brokered by Dan Marks, CEO, and Daniel Lebor, partner and EVP of TerraCRG.

The property spans an entire 200-ft. stretch of Smith St. from Union St. to President St., providing visibility and frontage along one of the city’s premier retail corridors. Formerly occupied by Rite Aid, the existing two-story mixed-use building comprises 16,091 s/f.

Zoned R6B/C2-4, the site offers 28,500 buildable s/f as-of-right, with the potential to increase to 34,200 buildable s/f through the Inclusionary Housing Program (UAP).

“This was one of the most unique redevelopment opportunities to come to market in Carroll Gardens in recent years,” said Marks. “The combination of 200 ft. of frontage on Smith St., flexible zoning, and a large footprint generated significant interest from developers and investors alike. We are proud to have helped our long-term client successfully execute the sale.”

Lebor said, “320 Smith St. represented a truly exceptional opportunity in one of New York City’s most sought-after neighborhoods. As Carroll Gardens has emerged as Brooklyn’s priciest neighborhood and one of the city’s top residential markets, premier development sites like this are increasingly rare, and demand remains exceptionally strong.”

Situated across from Carroll Park, the property is one block from P.S. 58 – The Carroll School, one of New York City’s top-rated elementary schools, and near the Carroll St. F & G subway station.