BROOKLYN, NY – May 7, 2017 – One Commercial Realty Services has been retained on an exclusive basis for the sale of 3038 Atlantic Avenue, located on the major commercial corridor in East New York on the south side of Atlantic Avenue between Essex Street and Shephard Avenue.
The area was recently re-zoned allowing for greater flexibility in the type of asset class that can be built. The building, which can be delivered vacant, is a 79′ x 97′ brick, three-story commercial building composed of five (5) units. The property is equipped with a freight elevator that can access each of the floors, including the cellar. The property is prime for an end-user to either purchase 27,400 SF, of which 6,400 SF is below grade. Alternatively, a developer can utilize the 49,683 buildable SF (BSF) as of right or 53,645 BSF with community facility, to erect a mixed-use asset in an emerging and highly desirable neighborhood in East New York. Current ownership has proposed plans to develop a 56,500 SF mixed-use building and can provide prospective buyers with a clean Phase I upon request.
New construction in the area includes the following projects: 2501 Pitkin Avenue, 656 Stanley Avenue and Nehemiah Spring Creek on Schroeders Avenue and Vandalia Avenue. The newly built Gateway Center which boasts Target, Best Buy, ShopRite, Home Depot, Olive Garden and Nostrand Rack has helped gentrify the area. The subject property is two (2) blocks away from the J train at Cleveland Street Station and 4 blocks from the A and C line at Shepherd Avenue Station making all of New York City very accessible. “This property presents a very unique opportunity to the owner / investor / developer in a prime part of East New York. This type of asset will draw tremendous activity from both local and national investors, users and developers,” said ONE Commercial’s David Chase, who is exclusively marketing this property with Josh Lipton, Andrew Levine, Zack Konovitch, Stephen Ramkelawan and Adam Yakubov. “The recent up-zoning in the neighborhood and the city’s $267 million commitment to improve schools, parks and infrastructure opens the door for exciting new development projects in East New York and folks are taking notice,” added ONE Commercial’s Executive Managing Director, Josh Lipton.
About ONE Commercial
Powered by a highly skilled team, ONE Commercial is one of New York’s preeminent full-service commercial real estate firms, priding itself in providing best in class services to our clients on a consistent basis and is one of the preferred brokerage throughout New York City. With localized knowledge of each of New York City’s geographic areas, our professional brokers provide very specific market knowledge and industry expertise to investors and owners alike. As a result, we achieve superior results for our clients.