Prime Brooklyn development site sells to multi-housing developer

NEW YORK, Dec. 7, 2023 – JLL Capital Markets announced today that it has closed on the $38.5 million sale of 540 Atlantic Ave., a block-through development site at the heart of the Brooklyn Tech Triangle in Boerum Hill.

JLL represented the legacy seller, locally based DMA Associates, and the buyer, JSC Realty, who plans to build a new 154-unit mixed-use development on the site.

Currently occupied by a five-story class C office property built in 1924, 540 Atlantic Ave. offers flexible zoning and 113,000 buildable square feet. The block-through lot has frontage on both Atlantic Avenue and Pacific Street and is surrounded by Boerum Hill’s eclectic mix of brand and boutique retailers, popular restaurants and bars, nightlife, hotels and universities. The Barclays Center is steps away, and the world-renowned BAM building is one block from the property.

540 Atlantic Ave. offers outstanding transportation access, with six subway stations serviced by 10 subway lines and the Long Island Railroad located within a five-minute walk. Boerum Hill is the most centrally located CBD for New York City as a whole, directly connected to residential neighborhoods throughout Manhattan, Brooklyn and Queens.

The sale was arranged by a JLL Capital Markets team that included Vice Chairmen Stephen Palmese and Brendan Maddigan and Managing Directors Michael Mazzara, Ethan Stanton and Winfield Clifford.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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