The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

A retail building at 522-528 Atlantic Avenue, located on the corner of Atlantic and 3rd Avenues in Brooklyn’s Boerum Hill neighborhood, was sold in December 2014 in an all-cash transaction valued at $15,000,000 by Massey Knakal, now Cushman & Wakefield.
The single-story building contains approximately 14,150 square feet and is occupied by Walgreens on a long-term lease. The property features approximately 100 feet of frontage along Atlantic Avenue, 180 feet on 3rd Avenue, and 100 feet on Pacific Street.  The property is located in the R7A/C2-4 zoning district and benefits from approximately 57,850 square feet of additional air rights.  The sale price equates to approximately $1,060 per square foot or $260 per buildable square foot.
The property is located in the highly sought-after neighborhood of Boerum Hill, two blocks from Atlantic Terminal and Barclays Center with access to nine subway lines and the Long Island Rail Road.  The neighborhood is undergoing a massive transformation with new developments such as Atlantic Yards and dozens of national retailers entering the market along the Atlantic Avenue corridor. 
“This sale illustrates the enthusiasm investors have for the continuing transformation of Downtown Brooklyn and its surrounding neighborhoods, especially for retail corridors like Atlantic Avenue," said Cushman & Wakefield's Stephen P. Palmese, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Boerum Hill/ Agents: Stephen Palmese