TerraCRG sells Brooklyn development site-$1.65m

According to TerraCRG, the firm has completed the sale of a Boerum Hill development site at 11-13 St. Marks Pl. The property is a 45 ft. x 100 ft. vacant lot located just off 3rd Ave. on St. Marks Pl. The site has a split zoning of R6B/C2-4/R7A allowing for 12,991 buildable s/f. The property sold recently in an all-cash transaction on June 1st for $1.65 million, equal to $127 per buildable s/f. TerraCRG represented the seller. "We achieved a premium of $50,000 above the original asking price, through what turned into a very competitive bidding process. The winning bidder closed in less than 10 days," said Melissa DiBella, VP of sales & marketing for TerraCRG. Founder and president of TerraCRG Ofer Cohen said, "With shrinking inventory of development sites in Brooklyn, and as the rental market continues to show double digit annual growth rates, developers have been bidding the prices of development sites up significantly." "Sellers in the first half of 2012 took note of the booming market and are seeing a continued opportunity to sell Brooklyn properties," Ofer said.