TerraCRG retained as exclusive agent for residential development site located at 212-214 Spencer Street

TerraCRG, one of Brooklyn's leading commercial real estate brokerage firm, have been retained as the exclusive agent for the sale of the residential development site located at 212-214 Spencer Street in the Bedford Stuyvesant neighborhood of the borough. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG are presenting the property. The 33.34 ft x 100 ft lot is located between Willoughby Avenue and DeKalb Avenue. The site is zoned R6B and will be delivered with approved plans for a four story, eight unit residential building with a gross of 9,163 s/f. The site is eligible for the 421-a tax abatement. Bedford Stuyvesant is one of the most dynamic real estate sub-markets in New York. Dollar volume for commercial transactions in Bed-Stuy has grown fourfold from 2010-2013, with 2014 already on track to surpass 2013 numbers. Condominium prices in the immediate area are projected at $1,000 per s/f, rental rates have been climbing towards $50 per s/f, and brownstones are already achieving prices above $2 million. The site is located just five blocks from Pratt Institute, which is one of the best art colleges in the country. Pratt has an enrollment of almost 5,000 students, of which only 1,700 live on campus. Choice Market, ScratchBread, the Black Swan, Dough Bakery, Pilar Cuban Eatery, Colador Café, Nero Dero are among the many exciting retailers which have opened to cater to the influx of new residents in the neighborhood. There are also many national retailers within very close proximity to the property, including Home Depot and Chase Bank. The property is directly around the corner from the Bedford-Nostrand G subway station on Lafayette Avenue and a short distance from the C train on Fulton Street. "This site is in a prime location, surrounded by high traffic corridors DeKalb, Willoughby Avenue, Bedford, and Nostrand Avenues," said Michael Hernandez, senior associate at TerraCRG. "212 Spencer Court presents a rare opportunity to purchase a development site with approved plans and be eligible for the 421-a tax abatement," Hernandez said.