search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aCharles Schwab slashing Chicago office space with big subleasesCharles Schwab slashing Chicago office space with big subleasesHousing deal could rescue Halletts North, other stalled projectsHousing deal could rescue Halletts North, other stalled projectsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom
Development
New York

Brookland buys development site on Brooklyn’s Fourth Avenue

Team from TerraCRG negotiated $7.4M deal

From left: Boaz Gilad, 550-554 Fourth Avenue and Melissa DiBella Warren
From left: Boaz Gilad, 550-554 Fourth Avenue and Melissa DiBella Warren

Brookland Capital plans to build a new residential and retail development after acquiring a site on the border of Park Slope and Gowanus.

The Brooklyn-based firm snagged the spot along the rapidly developing thoroughfare for $7.4 million and will erect a 13-story tower, the New York Observer reported. The property, assembled from five lots, is located at 550-554 Fourth Avenue at the corner of 15th Street.

Sign Up for the undefined Newsletter

A TerraCRG team that included Ofer Cohen, Melissa DiBella Warren, Peter Matheos, Dan Marks, Michael Hernandez and Joseph Terzi closed the deal.

The property can accommodate more than 42,000 square feet of residential space and about 3,200 square feet of retail facilities, according to TerraCRG. Including additional space for community facilities, the price penciled out to $195 per buildable square foot, according to TerraCRG’s website. [NYO] – Tom DiChristopher

Tags
Brookland CapitalDevelopmentGowanusPark SlopeTerracrg