929 Atlantic Avenue
929 Atlantic Ave, Brooklyn, NY, 11238-2704, US
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 929 Atlantic Avenue (“The Properties”), a 19 unit value-add opportunity in Clinton Hill, Brooklyn. 929 Atlantic Avenue will be delivered vacant, offering a developer a unique opportunity to build condos or rentals. The current structure totals 17,469 gross square feet, featuring 16 one-bedroom units and 3 two-bedroom units.
VALUE REALIZATION & UPSIDE
Throughout 2021 and well into 2022, growing multifamily demand and limited multifamily supply has attributed to the rising rents in Clinton Hill, Boerum Hill, and Downtown Brooklyn. 929 Atlantic Avenue is a partially completed multifamily building in Clinton Hill with 57’ of frontage along the heavily trafficked Atlantic Avenue. The Property is REO and is about 70% completed. 929 Atlantic Avenue anticipated completion date was 2019, with the goal of offering 19 luxury residences in Brooklyn’s epicenter of shopping, dining and culture. The Property has three apartments per floor, offering an investor high quality layouts filled with natural light.
UNIQUE DEVELOPMENT OPPORTUNITY
929 Atlantic Avenue is positioned for an investor to take an advantage a 17,469 GSF open template ready to be completed. The Property is not yet completed and will be delivered vacant, offering an investor the opportunity to position the asset as a rental or condo. The Property totals 19 units and is comprised of 16 one-bedrooms (84%), and 3 two-bedrooms (16%). Current ownership is willing to consider seller financing as a purchase option.
929 Atlantic Avenue is a 15-minute walk from the Atlantic Avenue-Barclay Center station, one of New York’s most transited subway stations with over 14 million passengers and the LIRR. This incredible subway connectivity provides quick and direct access to every major employment center in New York. Residents can get to DUMBO in 15 minutes, the Financial District in 20 minutes and Midtown in under 30 minutes.