TerraCRG sells mixed-use site at 608-614 Franklin Ave. for $17.5 million

TerraCRG closed on the sale of the mixed use development site at 608-614 Franklin Ave. in Crown Heights. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez, and Joseph Terzi of TerraCRG sold the property for $17.5 million. Crow Hill Development sold the property. Located on the corner of Franklin Ave. and Dean St., the 21,929 s/f site has 141 ft. of frontage on Franklin Ave. and 153.7 ft on Dean St. The property recently up zoned to R7A/C2-4, which allows for over 75,650 buildable s/f or up to 100,875 buildable s/f with the addition of inclusionary housing. Crow Hill Development retained a portion of the site on the Bergen St. and Franklin Ave. corner with plans to develop the property. Over the last decade, Crown Heights has undergone a tremendous transformation which includes new residential and commercial developments, strong retail, and a robust brownstone sales market rivaling Park Slope. The 150,000 s/f newly renovated office loft building at 1000 Dean St. is just down the block from the property and has become home to Brooklyn entrepreneurial and creative tenants. Berg'n, the 9,000 s/f beer and dining hall at the 1000 Dean St. complex is also opening this month. "Crown Heights has seen a transformation in the last few years where the value of land has greatly appreciated," said Cohen, founder and president of TerraCRG. "Land prices have nearly tripled since 2011 and land owners have been taking advantage of this exciting market." "We are thrilled to finally begin the restoration of the old Nassau Brewing Company buildings, at the corner of Franklin and Bergen. Together with the neighboring projects, this is a very exciting time for the northern section of Franklin Avenue," said Fabian Friendland, president of Crow Hill Development.