Updated Jun 30, 2026
Joel Rubin Acquires Development Site In Boerum Hill Brooklyn For $4.4 Million
518 Atlantic Avenue, 46 3rd Avenue New & 48 3rd Avenue
$4,400,000
$982/SF
Building Size
4,480 SF
Asset Type
Development Site
Closing
Jun 15, 2026
About this deal
AI
A development site located at 518 Atlantic Avenue, 46 3rd Avenue, and 48 3rd Avenue in Boerum Hill, Brooklyn, has been sold. The sale was finalized for $4,400,000, covering a total square footage of 4,480, resulting in a price per square foot of $982. The building also features a total building square footage of 10,200, with a price per building square foot of $431.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,400,000
- Address: 518 Atlantic Avenue, 46 3rd Avenue, and 48 3rd Avenue
- Market: Boerum Hill, Brooklyn
- Buyer: Joel Rubin
- Seller: James Fong’s 46 Third LLC
Joel Rubin, acting through 3 Ave Holdings LLC, acquired the property from James Fong's entity. This transaction highlights the involvement of noted parties focused on development opportunities within Boerum Hill.
Players
New Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93