10 Nevins Street, Brooklyn, NY 11217
Downtown Brooklyn
Closed in 2015 at $50,000,000
Ofer Cohen and Melissa Warren, along with their team were the sole brokers in the sale of the development site located at 10 Nevins Street in Downtown Brooklyn. The site was marketed with approved plans for the development of a mixed-use project with 184 residential units and retail space on the ground floor.
About this Property
13,519 Lot SF
C6-4/DB Zoning
184 Residential Units
9,730 Commercial SF
10.00 FAR
135,190 Gross FAR SF
Challenge
With over 14,000 residential units in Downtown Brooklyn’s development pipeline at the time of the sale, Team Cohen/Warren had to make sure this nearly shovel-ready site stood out in a congested market.
Process
- The team regularly followed up with ownership, making sure to stay on their radar and after completing the sale of a similar property nearby, made sure to call ownership to let them know of the activity happening in their area
- After having 24 hours to turnaround a presentation and evaluation, ownership agreed to sign a listing agreement
Solution
- The team repositioned the approved plans from a rental project to a condominium to capitalize on the scarce ‘for-sale’ inventory in the area
- After doing a formal marketing process with the inclusion of a confidentiality agreement, a bis deadline was set and 11 offers were received
- Developers Slate Property Group, in partnership with foreign investment firm, China Vanke, purchased the site for $50,000,000
TerraCRG’s recent transactions means another step forward for the booming residential market. With the Downtown Brooklyn renaissance market hitting on all cylinders, it’s no surprise to see another sound investment in the district’s future