As Atlantic Avenue redevelops, prime mixed-use asset hits the block for $9.15M

This four-story walk-up building at 348 Atlantic Avenue in the Boerum Hill is on the market for $9.15 million, exclusively through Eastern Consolidated. Photo courtesy of Rubenstein Associates Inc.

In a unique opportunity to acquire a recently-renovated asset in Brooklyn’s brownstone belt, a four-story, 5,975-square-foot mixed-use walk-up building at 348 Atlantic Avenue in the borough’s Boerum Hill neighborhood is on the market for $9.15 million exclusively through Eastern Consolidated.

Eastern Consolidated’s Lipa Lieberman, senior director, with Michele Nicoletta, associate director, and Gary Meese, director financial services, are promoting the sale of the property on behalf of a local seller, 348 Atlantic Avenue LLC.

The high-quality, gut-renovated property contains six free market units that feature condominium-like finishes, high ceilings, sound deterring oversized windows and outdoor spaces with sweeping neighborhood views. The building also contains three ground floor retail units, including the popular Mile End Delicatessen, a Brooklyn staple that now has a second location on Bond Street in the West Village; the Hoyt Street Market & Deli, a corner store; and a storefront real estate brokerage.

According to Lieberman, the building offers investors an opportunity to acquire a “meticulously renovated asset” that requires little day-to-day management. “The investment’s characteristics resemble that of a net lease property, considering its need for little management and will certainly appeal to 1031 Exchange buyers and other passive real estate investors,” he said, noting that the current average in-place monthly rent for the apartments is $3,000. “As the Atlantic Avenue corridor continues to redevelop, there’s significant near term upside potential in both the property’s monthly residential rents and commercial rents.”

Located near the new Barclays Center and Atlantic Yards, the property is within three blocks from the A, C and G at Hoyt-Schermerhorn Streets, five blocks to the F, G at Bergen Street, four blocks to the 2, 3 at Hoyt Street, and five blocks to Atlantic Terminal.

For further information about the offering, please contact Mr. Lieberman, Ms. Nicoletta or Mr. Meese at Eastern Consolidated’s Midtown offices:  212 499-7700.

May 8, 2013 - 6:00am



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