Updated 4 years ago
Off Market
292-294 Atlantic Ave
Boerum Hill, Brooklyn | Smith Street & Hoyt Street
9 Beds7,520 Square FeetIncome Property
$9,950,000
floors / apts4 / 5
Lot Size40'x80'
ZoneR6A
Building TypeLow-Rise
RE Taxes$44,379
Price Per SF
$1,323
Building Amenities
- Voice Intercom
Property Description for 292-294 Atlantic Ave
Ariel Property Advisors presents 292-294 Atlantic Avenue, a prime mixed-use investment opportunity located at the southeast corner of Atlantic Avenue and Smith Street in the Boerum Hill neighborhood of Brooklyn.
The subject property is a 7,500 square foot, four (4) story walk-up that features 120’ of prime retail frontage at one of Brooklyn’s most heavily trafficked corners. The building’s nine (9) units consist of one office space, three (3) retail units, and five (5) free market apartments. The corner retail unit is currently vacant, presenting a great opportunity for owner-users or for investors looking to capitalize on area’s recent population surge. One apartment is a large one-bedroom unit and the other four apartments have two bedrooms. The office unit’s lease expires in 2019 and gives future owners the opportunity to extract additional upside by repositioning to residential use. R6A/C2-4/DB zoning provides 2,100 square feet of air rights, as-of-right.
292-94 Atlantic Avenue is centrally located among some of Brooklyn’s most popular neighborhoods and attractions. New residential towers and boutique condominiums are hitting record prices. Residents have access to great restaurants and shopping along Smith Street, Court Street and Atlantic Avenue. Brooklyn Bridge Park, The Brooklyn Promenade and the Barclays Center are all a short walk from the asset. Lastly, 292-94 Atlantic Avenue is easily accessible via the F/G trains at the Bergen Street, the A/C/F trains at Jay Street, and the 2/3/4/5 trains at Borough Hall.
With strong in-place cash flow and significant upside in a rapidly growing area, 292-294 Atlantic Avenue represents an outstanding opportunity for investors and owner-users.
Listing History for 292-294 Atlantic Ave
Now
09/22/2022
POM by Michael A. Tortorici
Ariel Property Advisors
2022
Building Details for 292-294 Atlantic Ave
OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1900
Floors/Apts4/5
Transit and Citi Bike
Subway
Bergen St
0.19 miles
Hoyt-Schermerhorn Sts
0.21 miles
Hoyt St
0.25 miles
Borough Hall
0.27 miles
Jay St-MetroTech
0.28 miles
Citi Bike
State St & Smith St
0.05 miles
Pacific St & Smith St
0.05 miles
Contact Agents
Contact Agents
Michael Tortorici
Ariel Property Advisors
Shimon Shkury
Ariel Property Advisors
Stephen Vorvolakos
Ariel Property Advisors
Boerum Hill | Brooklyn
Quick Profile
Boerum Hill is a tiny, quiet, primarily residential neighborhood in Brooklyn. There are broad tree-lined streets that are filled with elegant three and four-story brownstones and townhouses, mostly built between 1840 and 1870. There is a definite family vibe to the neighborhood, but young professionals are moving in, and with them are coming trendy bars to cater to their desire for some measure of nightlife, without having to linger in Manhattan. These new bars and restaurants are being sandwiched in amongst existing shops on both Atlantic Avenue and Smith Street, which are the main commercial areas in Boerum Hill.
Boerum Hill offers a convenient location that is still able to maintain its small-neighborhood feel. Shopkeepers value their customers and remember their regulars. It continues to do what it was designed to do, namely provide small-town living in the very shadow of the big city. Boerum Hill is an easy commute to other parts of the city, making it easy to come home every day to the peace and tranquility of Boerum Hill while commuting to a job anywhere in the city.
The neighborhood is quite walkable and you can take the time to catch up with your neighbors while visiting on their stoops. Shopping on Atlantic Avenue is stress-free with no high pressure. You can meet with friends at any of the many coffee shops and while away pleasant hours in conversation. The dining scene on Smith Street is similarly laid-back. Don’t expect that there will be quite as much to see or do as there is in Manhattan, but there are a decent number of interesting bars and restaurants providing a measure of nightlife. The trade-off is worth it, as Boerum Hill provides a quiet, peaceful place to live and raise a family.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 39176TH
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