Marcus & Millichap arranged the sale of 918 Atlantic Ave., a prime development site in Brooklyn, for $7 million. The transaction announcement follows last week’s City Council vote to rezone a 21-block area under the Atlantic Avenue Mixed-Use Plan (AAMUP).
“This is one of the premier remaining development sites along Atlantic Avenue,” said Andrew Bronsteen. “The buyer engaged with this site early and was willing to take a risk despite the long-term lease in place and uncertainty surrounding the AAMUP rezoning. We’re excited to see what Elie Pariente designs to further improve this high-growth area.”
Bronsteen, Shaun Riney and Jason Farese, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the buyer, both local private investors.
Located at the intersection of Atlantic and Washington avenues, 918 Atlantic is currently occupied by a car wash under a long-term lease, delivering stable interim revenue while future development plans are pursued.
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