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Located in the Fort Greene area at 570 Fulton Street between Flatbush Ave and Rockwell Place, the site currently holds a three story office building. It has 21, 000 square feet and offers more than 100 feet of frontage.
Downtown Brooklyn zoning changes from 2004 offer its owners permission to construct up to 71, 920 square feet of residential, retail, hotel, office or mixed use space. The buyer will also have the right to build up to 86, 300 square feet of an inclusionary multifamily development.
The site is right by the Fulton Mall Retail corridor and new projects that have sprung up in the wake of the 2004 rezoning of the area.
Cohen told Crain’s that he expected any residential development on the site to get as much $1, 300 per square foot. “When you are looking at this location, you have to close your eyes and fast forward three years. When everything that is in the pipeline now is developed, it will be a new neighborhood, ” he said.
SCO, which provides education programs and other services for children and families, bought the property back in 1985 for about $500, 000.
In other TerraCRG news, the firm just announced that it has brokered the sale of a 2 story house at 1191 Ocean Avenue in Flatbush for $2.25 million. The sellers received $300, 000 above the asking price for the property which is on a 42.5 by 100 foot lot. The house is slated to be razed and replaced with a seven story 26 unit apartment building.
TerraCRG is a real estate brokerage and advisory firm focused solely on commercial transactions in Brooklyn. Founded in 2008, it is the only commercial real estate firm focused solely on Brooklyn transactions. The firm completes over 70 transactions a year in Brooklyn. Last year, TerraCRG was ranked #2 in the Top 10 Brooklyn Commercial Brokerage Firm Ranking by Co-Star.
Ofer Cohen is the founder and president of TerraCRG. Prior to founding TerraCRG, Ofer was a senior broker at Massey Knakal Realty’s Brooklyn office where he developed his passion and expertise of selling Brooklyn buildings.