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Marcus & Millichap Brokers $7M Sale Of Development Site At 918 Atlantic Avenue Prospect Heights

Property Image
SOLD
$7,000,000
Jason Farese
Andrew Bronsteen
Shaun Riney

New York

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Development Site8,282 SF
Sold 06/17/2025
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Brokers $7M Sale Of Development Site At 918 Atlantic Avenue Prospect Heights

918 Atlantic Avenue

See Similar Deals
Development Site8,282 SF
Sold 06/17/2025
Jason Farese
Andrew Bronsteen
Shaun Riney
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$845
Total Square Footage:8,282 SF
Transaction Type:Sale

The asset involved in the transaction is a development site located at 918 Atlantic Avenue in Prospect Heights, Brooklyn. The site encompasses 8,282 square feet and has a sale price of $7,000,000. It allows for up to 74,538 buildable square feet with the option for an inclusionary housing bonus, presenting significant development opportunities.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $7,000,000
  • Address: 918 Atlantic Avenue
  • Market: Prospect Heights, Brooklyn
  • Buildable Square Feet: 74,538
  • Price per Buildable Square Foot: $94
  • Square Footage: 8,282
  • Price per Square Foot: $845

The transaction was brokered by Andrew Bronsteen, Shaun Riney, and Jason Farese from Marcus & Millichap, representing the buyer and seller in this deal. Their involvement reflects the company's strong presence in the Brooklyn real estate market.

Players

Andrew Bronsteen
Marcus & Millichap
Andrew Bronsteen
64 deals$257.5M volume
BROKER
Shaun Riney
Marcus & Millichap
Shaun Riney
355 deals$1.8B volume(718) 475-4369
BROKER
Jason Farese
Marcus & Millichap
Jason Farese
24 deals$84.6M volume(718) 475-4352
BROKER
Marcus & Millichap
Marcus & Millichap
BROKERAGE

Details

SOLD
IMAGE: Jason Farese, Shaun Riney & Andrew Bronsteen DATE: 06/17/2025 ADDRESS: 918 Atlantic Avenue MARKET: Prospect Heights, Brooklyn ASSET TYPE: Development Site BROKERS: Andrew Bronsteen (@BKBronsteen), Shaun Riney (@ShaunRiney1) & Jason Farese (@JRFaresenymf) - Marcus & Millichap SALE PRICE: $7,000,000 BSF: 74,538 ~ PPBSF: $94 SF: 8,282 ~ PPSF: $845 NOTE: Marcus & Millichap brokered the $7M sale of an 8,282-square-foot development site at 918 Atlantic Ave. in Prospect Heights, Brooklyn. The site, currently a car wash, allows for up to 74,538 buildable square feet with an inclusionary housing bonu

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Deal Type
Operating Income
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Net Operating Income (NOI)

$373,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
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