**Atlantic Avenue Development Site Sells for $7 Million in Brooklyn**
Marcus & Millichap has brokered the $7 million sale of a prime development site located at 918 Atlantic Avenue in Brooklyn. The deal closes on the heels of the New York City Council’s recent approval of the Atlantic Avenue Mixed-Use Plan (AAMUP), a rezoning initiative that will transform a 21-block stretch of Central Brooklyn.
Andrew Bronsteen of Marcus & Millichap commented, “This is one of the premier remaining development sites along Atlantic Avenue. The buyer engaged early and was willing to take a risk despite the long-term lease in place and the uncertainty surrounding the AAMUP rezoning. We’re excited to see what Elie Pariente designs to further improve this high-growth area.”
The property was marketed by Andrew Bronsteen, Shaun Riney, and Jason Farese, investment specialists with Marcus & Millichap’s Manhattan office. The team represented the seller and secured the buyer, both of whom are local private investors.
Located at the intersection of Atlantic and Washington avenues, the site is currently occupied by a car wash under a long-term lease. This provides stable interim revenue while development plans are explored for the future.
The sale reflects growing investor confidence in the area, particularly following the rezoning that is expected to unlock significant residential and mixed-use development potential along the Atlantic Avenue corridor.
