NEW YORK CITY—A partnership of Adam America, Slate Property Group and China Vanke has purchased a Downtown Brooklyn development site—spanning gross FAR of 135,190 square feet—for $50 million. The seller was Nevins Holdings.
The sale was brokered by TerraCRG's Ofer Cohen and Melissa Warren's team, who were the sole brokers in the transaction. 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.
10 Nevins sits at what is reportedly the nexus of retail, culture, business and residential development in the corridor, with over 14,000 residential units in the development pipeline and sitting close to City Point, the largest mixed-use development in Brooklyn.
"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," says 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."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
