The Real Deal New York

Boerum Hill site sells for record price: broker

Local developer buys Brooklyn property for $18M, or $373 per buildable square foot

July 18, 2014 11:00AM

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472-484 Atlantic Avenue

472-484 Atlantic Avenue (credit: PropertyShark)

The sale of an Atlantic Avenue property has set a new record, according to the broker on the deal.

A one-story building at 472-484 Atlantic Avenue sold for more than $18 million, or $373 per buildable square foot. This is the highest price paid per buildable square foot for a large development site in Brooklyn, Stephen Palmese of Massey Knakal Realty Services, told the Commercial Observer. Palmese exclusively handled the sale.

The 16,100-square-foot building is located on the corner of Nevins Street and is currently home to a vacant laundromat. A development of up to 48,300 square feet can be built there.

The seller, a local property owner bought the site in 1973. The buyer is a local developer. According to the broker, the purchaser of the property plans to build a mixed-use condominium on the site. The building will include ground-floor retail. [NYO] – Claire Moses

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