Marcus & Millichap brokers sale of two development sites in Ocean Hill for $11.7 million

Brooklyn, NY Marcus & Millichap sold two adjacent development sites located along Atlantic Ave. in the Ocean Hill neighborhood. The portfolio consists of 2425 Atlantic Ave. and 2413 Atlantic Ave., which together offer more than 142,000 buildable s/f within a Mandatory Inclusionary Housing district that also benefits from the City of Yes zoning initiative. The properties sold for a total of $11,691,875.

“Demand for well-located development opportunities in Brooklyn continues to accelerate, particularly in transit-oriented corridors positioned to benefit from the City of Yes zoning overhaul,” said Matthew Peters of Marcus & Millichap’s Manhattan office. “At the same time, rent restrictions and elevated construction and labor costs remain real challenges for private developers and investors.”

Peters represented the sellers of each property and procured the buyer, a local private investor.

The adjoining properties at 2425 and 2413 Atlantic Ave. are both industrial warehouse sites on corner lots in the city’s Ocean Hill neighborhood, that benefited from a rezoning in 2016, one block from Broadway Junction, a major transit hub connecting five subway lines and the Long Island Rail Road.

“This portfolio offers a rare combination of scale, zoning flexibility, and long-term neighborhood momentum, making it a compelling generational development opportunity,” said Peters.