3 Unit Mixed-Use Building on Atlantic Avenue
296 Atlantic Avenue
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TerraCRG has been retained to exclusively represent ownership in the sale of 296 Atlantic Avenue in the Boerum Hill neighborhood of Brooklyn. The three-unit mixed-use building is located on Atlantic Avenue just off of Smith Street. Smith Street and Atlantic Avenue are two of Brooklyn’s busiest retail corridors.
The 20′ wide mixed-use building has two free market apartments over a
~1,575 retail space. There is also a vacant attic space adding
another 800 SF to the property. The retail unit is currently occupied by
RIME Footwear a well-known high-end sneaker store. The tenant just
signed a 5 year lease with an additional 5 year option. The two
apartments are currently rented for an average of $33/SF in a market
where apartments are renting for north of $50/SF.
This property is ideally located in the center of several retail corridors and “restaurant rows,” including, Court Street, Smith Street, Atlantic Avenue, and. Court and Smith run through Boeurm Hill, Cobble Hill & Carroll Gardens, joining the neighborhoods. These corridors are lined with diverse mom and pop boutiques, restaurants, salons and bars as well as national tenants.
The proximity of the property to major retail corridors and Downtown Brooklyn provides tenants with easy access to a variety of retail shops, bars and restaurants rivaling any Manhattan neighborhood. The property is also just four blocks away from the Atlantic Terminal with access to the D, N, R, B ,Q, 2, 3, 4, and 5 subway lines, and the LIRR, making the commute in and out of Manhattan just 15 minutes.