Development Site Sells in Cypress Hills Opportunity Zone
TerraCRG closed on the sale of an approximately 11,000-square-foot development site at 2771 – 2777 Atlantic Ave. in Brooklyn’s Cypress Hills neighborhood for $2,950,000. Peter Matheos, Mike Rafter, Andrew Manasia, and Jourdon Delerme-Brown represented the seller, 2771 Atlantic Realty, LLC. The buyer wasn’t disclosed.
“Our most recent census numbers show Brooklyn’s population continues to grow at record levels, making residential development more critical than ever,” said Matheos. “This site in Cypress Hills has the potential to bring up to 55 new housing units to the market, and our expertise enabled a seamless transaction for both the buyer and seller.”
The site, located within an Opportunity Zone, allows for approximately 43,700 buildable square feet. It’s also located near the Van Siclen Avenue J/Z subway stop. There are currently three mixed-use buildings on the lots that will be delivered vacant.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).