Boerum Hill Atlantic Avenue Site Sells for Record Price
A site in the Boerum Hill section of Brooklyn has sold for a bit over $18 million, or $373 per buildable square foot, Commercial Observer has learned. It represents “the highest price per buildable square foot ever paid for a large development site of this size in Brooklyn,” said Stephen P. Palmese of Massey Knakal Realty Services. He exclusively handled the transaction.
The one-story building, at 472-484 Atlantic Avenue at the corner of Nevins Street, contains 16,100 square feet, with 150 feet of frontage on Atlantic Avenue, 40 feet of frontage along Nevins Street and 70 feet of frontage along Pacific Street. The site is home to a vacant laundromat, Atlantis Super Wash Center.
The seller, a local property owner, bought the site in 1973. The site can accommodate a development of up to 48,300 square feet.
“The strength of the retail along the Atlantic Avenue corridor contributed to the pricing,” Mr. Palmese said.
The buyer is a local developer who plans to build a mixed-use condominium with ground-floor retail at the location, Mr. Palmese said.
At the $373 per foot price point, Mr. Palmese said “you have to build condos.”