Developer Buys Boerum Hill Office Building for $39M to Redevelop Into Apartments
The new owner of an office building in Boerum Hill, Brooklyn, plans to tear down the structure and replace it with a 154-unit residential tower.
Jacob Schwimmer’s JFC Realty bought 540 Atlantic Avenue from the Daily Mirror Associates (no association with the British tabloid) for $38.5 million, according to property records made public Wednesday.
Daily Mirror has owned the five-story office building near the corner of Atlantic and Third avenues since 1988. JFC plans to demolish it to build an eight-story residential property spanning 113,000 square feet.
The buyer filed plans for the project with the New York City Department of Buildings in October. Designed by NA Design Studio, the new apartment building will take over the current brick structure that was built in 1924, Crain’s New York Business previously reported. Plans call for the new building to feature ground-floor retail.
The JLL (JLL)’s Capital Markets team of Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford arranged the deal, according to a source with knowledge of the deal. JLL declined to comment.
The property runs through the entire block, providing frontage on both Atlantic Avenue and Pacific Street in the center of a heavily trafficked part of Boerum Hill, walking distance to Barclays Center and Fulton Mall.
Daily Mirror Associates could not be reached for comment while Schwimmer did not immediately respond to a request for comment.
Mark Hallum can be reached at email@example.com.