992 Atlantic Avenue - Brooklyn, NYBrooklyn, NY EPIC Commercial Realty completed the sales of 511 Lafayette Ave. and 701 Lafayette Ave., both in the Bedford-Stuyvesant neighborhood and the sale of 992 Atlantic Ave.
511 Lafayette Ave. is located between Bedford and Nostrand Aves., near the Bedford-Nostrand Ave. G train station and two blocks from Herbert Von King Park. It is a vacant lot consisting of 8,000 s/f of development rights. According to EPIC Commercial senior associate broker, Shay Zach, “The vacant lot is centrally located and has a strong transportation infrastructure allowing for good condo/rental potential for the developer.” Zach sold the lot for $1.825 million, translating into a record price per s/f in the Bed-Stuy Area at $235 per s/f.
701 Lafayette Ave. is located between Tompkins and Throop Aves., also near the Bedford-Nostrand Avenue G train station. It is a vacant two-story home with 6,000 s/f of development rights. The buyer intends on developing a four-story, eight-unit residential building maximizing the full development square footage. Zach sold 701 Lafayette Ave. for $1.2 million. According to Zach, “The investors found this deal attractive based upon the fact that the building was delivered vacant with a planned demolition date which enables them to commence the project immediately and construct a brand new eight unit condo building.”
EPIC Commercial also completed the sale of 992 Atlantic Ave. in Prospect Heights. The property is a vacant three-story mixed-use building with two residential units and one commercial unit. It is located between Grand and Classon Ave., three blocks away from the Franklin Ave. A and C train station. EPIC Commercial CEO Yona Edelkopf and investment sales associates Baruch Edelkopf and Mike Rybinskov sold 922 Atlantic Ave. for $1.55 million.
According to Yona Edelkopf, “The neighborhood is undergoing a rezoning change which will bring tremendous value to this investment in the future.”
Bed-Stuy is located in central Brooklyn and is near Williamsburg. This historic neighborhood known for its brownstones, has recently undergone the final stages of gentrification and real estate development, allowing for more commercial and residential growth. The neighborhood is very well connected with the A, C, G, J, M & Z train lines all nearby. Many real estate experts expect Bed-Stuy to increase in value dramatically in the next few years. Both of these developments will assist in the residential growth of one of Brooklyn’s up and coming neighborhoods.
Prospect Heights has seen rapid demographic changes in the past few years. With an influx of well-educated, middle-class young population, the median rents in the area have increased since 2010. Its shifts are exemplified by a mixture of older buildings under reconstruction, rows of classic 1890’s brownstones and newly built luxury condominium. The neighborhood is notable for its cultural diversity and tree-lined streets. Prospect Heights is easily accessible through public transportation with the 2, 3, 4, A, C, B, D, N and Q trains all nearby.