Brooklyn based TerraCRG, a commercial real estate brokerage and advisory firm, sold 10 Nevins in the Downtown Brooklyn neighborhood for $50 million. A partnership of Adam America led by Dvir Cohen Hoshen and Omri Sachs, Slate Property Group led by Martin Nussbaum and David Schwartz and China Vanke were the buyers.
10 Nevins is ideally located at the nexus of retail, culture, business and residential development that came to define this unique corridor with over 14, 000 residential units in the development pipeline and steps from City Point, the largest mixed-use development in Brooklyn.
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The site was marketed by TerraCRG earlier this year with approved plans for the development of a mixed-use project with 184 residential units and retail space on the ground floor.
“In a market dominated by rental units, 10 Nevins is positioned to be one of the largest condo projects in Downtown Brooklyn.” said Ofer Cohen, Founder and President of TerraCRG. “By repositioning the approved plans from a rental project to a condominium, the developers are able to capitalize on the tremendous demand for ‘for-sale’ housing options in the area.”
Since the 2005 rezoning, Downtown Brooklyn has been undergoing a complete revitalization with several large scale commercial and residential development projects including Barclays Center, Pacific Park, City Point and the quickly expanding BAM Downtown Brooklyn Cultural district.
In the last couple of years, the immediate area drew strong institutional and global equity interest including investments by TF Cornerstone and the most recent acquisition of the Macy’s site by Tishman Speyer. Around the block, Michael Stern’s JDS is planning the tallest residential tower in Brooklyn, at 9 DeKalb Avenue.
“TerraCRG’s recent transaction means another step forward for the booming residential market, ” said Tucker Reed, President of the Downtown Brooklyn Partnership. “With the Downtown Brooklyn renaissance hitting on all cylinders, it’s no surprise to see another sound investment in the district’s future.”
Ofer Cohen and Melissa Warren’s team were the sole brokers in the transaction.
