First Major Sale in Area Since Rezoning of Atlantic Avenue
CBRE announced the $16.75 million sale of a mixed-used, transit-oriented development site at 2840 Atlantic Avenue in Brooklyn’s East New York neighborhood. The parcel included three individual lots totaling 43,000 square feet and two industrial buildings comprising 76,000 square feet. The new development will consist of up to 274,000 square feet of new residential and retail space.
CBRE’s Tri-State Investment Properties team of Elli Klapper, Charles Berger and Jay Gelbtuch completed the sale on behalf of the seller, LSC Development, and also procured the buyer.
“This was the largest, most significant sale in East New York since the rezoning of Atlantic Avenue, which has addressed the affordable housing shortage and is helping to reshape this area of Brooklyn,” said Klapper of CBRE. “The new ownership of 2840 Atlantic Avenuewill retain the site’s historic features and plans to develop a 14-story residential complex above the property’s ground-floor retail. The project will help reshape Atlantic Avenue in accordance with the city’s overall vision for the neighborhood.”
Berger of CBRE continued, “We are pleased to have satisfied both parties involved in this transaction by successfully brokering a complex deal. We were able to maximize the value for our client and were also successful in getting the developer the foothold they wanted in the market.”
Strategically located within the Atlantic Avenue ‘growth corridor’ in the recently approved rezoning district, the 2840 Atlantic Avenue properties were built in the early 1900s and housed the Empire State Dairy Company until the mid-20th Century. The site features some of the most historic and architecturally significant industrial buildings in East New York, which boast 201 feet of highly visible retail frontage, ideal for national or regional brands. The property is in close proximity to the J, A and C subway lines, as well as the LIRR East New York Station.
CBRE’s Tri-State Investment Properties team is one of the most active in the Outer Boroughs of New York City and New Jersey. Besides this noteworthy transaction, they are in the process of assisting their clients on several other significant deals in Brooklyn.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
