Massey Knakal Sells Development Site In Boerum Hill - New Record Set
A development site at 472-484 Atlantic Avenue, located on corner of Nevins Street and Atlantic Avenue with block-through exposure to Pacific Street in the Boerum Hill neighborhood of Brooklyn, was sold in an all-cash transaction valued at $18,025,000.
The corner site contains approximately 16,100 square feet on a 150’ x 180’ irregular lot. It features approximately 150’ of frontage on Atlantic Avenue, 40’ of frontage along Nevins Street and 70’ of frontage along Pacific Street. In total, it benefits from 48,300 buildable square feet and is located in a R6A/C2-4 zoning district with an as-of-right of 3.0. The sale price equates to approximately $373 per buildable square feet.
The property is located in the highly sought-after neighborhood of Boerum Hill, and is just down the street from the Barclays Center and Atlantic Terminal, offering access to multiple subway lines and the LIRR. The neighborhood is amidst a massive transformation with many new residential developments as well as dozens of national retailers entering the market along the Atlantic Avenue corridor.
“At $373 per buildable square foot, the sale of 472-484 Atlantic Avenue is the highest price per buildable square foot ever paid for a development site of this size, in Brooklyn,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction. “The strength of the retail along the Atlantic Avenue corridor contributed to the pricing,” he continued.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.