LSC Development sells Brooklyn development site $16.75m

LSC Development sold a mixed-used, transit-oriented development site in Brooklyn’s East New York neighborhood for $16.75 million. The name of the buyer has not been disclosed. The property includes three individual lots totaling 43,000 sq ft and two industrial buildings comprising of 76,000 sq ft. The site is approved for up to 274,000 sq ft of additional residential and retail space. Built in the early 1900s the property housed the Empire State Dairy Company until the mid-20th century. The site is in close proximity to the J, A and C subway lines, as well as the LIRR East New York Station. CBRE completed the sale on behalf of the seller and also procured the buyer.

“This was the largest, most significant sale in East New York since the rezoning of Atlantic Avenue, which has addressed the affordable housing shortage and is helping to reshape this area of Brooklyn,” said Elli Klapper of CBRE. “The new ownership of 2840 Atlantic Avenue will retain the site’s historic features and plans to develop a 14-story residential complex above the property’s ground-floor retail. The project will help reshape Atlantic Avenue in accordance with the city’s overall vision for the neighborhood.”