870-888 Atlantic Avenue, Brooklyn, NY, 11238, US

888 Atlantic Avenue

Asset Description

Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to arrange the sale of 888 Atlantic Avenue in Prospect Heights, Brooklyn. This offering presents a rare opportunity to acquire one of the final vested development sites.

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Investment Highlights

AFFORDABLE NEW YORK

888 Atlantic Avenue is one of the last vested development sites in Prospect Heights that will benefit from the 421a Tax Abatement. With the Affordable New York program having expired in June 2022, all other future development projects will not benefit from the 35-year tax program.

PROPOSED DEVELOPMENT PLAN

888 Atlantic Avenue will yield 211,560 gross square feet with 181,200 square feet of residential space, 14,660 square feet of retail space, 5,500 square feet of community facility space for medical offices, and 12,500 square feet of cellar-level space for 40 parking spaces. The building would have 228 residences, with 69 units designated as affordable housing.

REZONING VIA ULURP

888 Atlantic Avenue was recently rezoned via ULURP and will comprise of 35% of the units set aside for MIH, with 15% at 40% AMI, 15% at 60% AMI and 5% at 80% AMI.

UNPARALLELED CONNECTIVITY

· One block from the Clinton-Washing Avenue, offering immediate access to the A and C.

· Three blocks to the Atlantic Avenue/Barclay’s Center 2, 3, 4, 5, B, D, N, Q, R and LIRR.

· Six blocks to the Classon Avenue subway station providing access to the G.

PRIME PROSPECT HEIGHTS NEIGHBORHOOD

The Property is situated at the epicenter of a premier 15-minute submarket, steps away from Target, Whole Foods, Prospect Park, Barclays Center, and a myriad of neighborhood dining and retail corridors in Downtown Brooklyn, Fort Greene, Clinton Hill, Boerum Hill, and Park Slope.