CPEX Real Estate reports the sale of a three-property package in Boerum Hill consisting of two mixed-use buildings and a vacant lot that the buyer intends to develop. The three adjacent lots at 284, 286 and 288 Atlantic Avenue, which together comprise 5,002 square feet of land, sold to a local real estate investor and developer for $2,800,000 in an all-cash transaction.
The four-story mixed-used buildings at 284 and 288 Atlantic have a total of 13 rent-stabilized apartments, all but one of which was occupied at the time of the sale. The buildings, which the buyer plans to renovate, both have a vacant ground-floor commercial space.
According to CPEX Assistant Director Scott Burk, the buyer is an “experienced developer” with other holdings on Atlantic, and he’s still assessing how best to develop the 5,403 buildable feet on the vacant lot at 286 Atlantic. Burk predicts that the buyer’s new properties, just off Smith Street between Smith and Boerum Place, will become increasingly valuable to retailers as the area evolves into a bustling nexus between Brooklyn Heights and Boerum Hill.