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TERRACRG BROKERS $15.5M SALE OF WILLIAMSBURG DEVELOPMENT SITE

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 120 Union Ave. in Brooklyn's Williamsburg neighborhood. Located between Union Avenue and Broadway, the site sold for $15.5 million or $220 per buildable square foot. Adam America, Slate Property Group and Naveh Shutter Limited purchased the site and plan to develop a 100-unit residential property with 2,000 square feet of ground-level retail space. The development site is zoned R6A/C2-4, which allows for more than 93,000 buildable square feet. Additionally, the 26,000-square-foot lot is packaged with a lot at 100 Union Ave., which is scheduled to close later this year. The seller, Robles Realty, has owned the property since 1998. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented the seller in the transaction.

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