TerraCRG sells development site in Williamsburg for $1.15 million

TerraCRG has closed on the sale of the development site located at 34 Conselyea St. between Lorimer St. and Union Ave. in the Williamsburg neighborhood. The property sold for $1.15 million, equal to $307 per buildable s/f. The 25 ft. x 75 ft. residentially zoned site has 3,750 gross buildable s/f and is ideal for a townhouse or condominium development. The property is one block from the Lorimer St. L station and the Metropolitan Ave. G station. The TerraCRG team who handled the sale consists of Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez. "Development sites like this are becoming rare and are in demand, especially in a market where residential rents are reaching $60 per s/f and condo pricing is well surpassing $1,000 per s/f," said DiBella, partner and senior vice president. In the last decade, Williamsburg has become one the most popular neighborhoods in N.Y.C. Over 6,000 residential units have been developed and occupied since 2005, and 4,000 more are in the pipeline. The area attracts a diverse and affluent demographic and has some of the city's best shopping, dining, music, and art. TerraCRG is a real estate brokerage and advisory firm focused solely on commercial transactions in Brooklyn. In just six short years, and through the depths of the recession, TerraCRG established itself as a true Brooklyn market leader, completing over 70 transactions a year in Brooklyn by tailoring its approach to suit the needs of investors, property owners, developers and lenders. TerraCRG was a vital market player during the recovery that became evident with the strong market of 2011 and in 2012, the firm was ranked number 2 in the 2012 Top 10 Brooklyn Commercial Brokerage Firm Ranking by Co-Star.