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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.
Photo credit: DanTD/Wikipedia.
- ◦Sale/Acquisition
