Press Releases
Marcus & Millichap Brokers $7 Million Sale of Brooklyn Development Site
June 03, 2025
NEW YORK, June 3, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 918 Atlantic Avenue, a prime development site in Brooklyn, New York, for $7 million.
“This is one of the premier remaining development sites along Atlantic Avenue,” said Andrew Bronsteen. “The buyer engaged with this site early and was willing to take a risk despite the long-term lease in place and uncertainty surrounding the AAMUP rezoning. We're excited to see what Elie Pariente designs to further improve this high-growth area.”
Bronsteen, Shaun Riney and Jason Farese, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
Located at the intersection of Atlantic Avenue and Washington Avenue, 918 Atlantic Avenue is an 8,282-square-foot lot zoned for residential development under the proposed R9A district. The site offers 59,630 buildable square feet as of right and up to 74,538 buildable square feet with an inclusionary housing bonus. The asset is currently occupied by a car wash under a long-term lease, delivering stable interim revenue while future development plans are pursued.
“This is one of the premier remaining development sites along Atlantic Avenue,” said Andrew Bronsteen. “The buyer engaged with this site early and was willing to take a risk despite the long-term lease in place and uncertainty surrounding the AAMUP rezoning. We're excited to see what Elie Pariente designs to further improve this high-growth area.”
Bronsteen, Shaun Riney and Jason Farese, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, both local private investors.
Located at the intersection of Atlantic Avenue and Washington Avenue, 918 Atlantic Avenue is an 8,282-square-foot lot zoned for residential development under the proposed R9A district. The site offers 59,630 buildable square feet as of right and up to 74,538 buildable square feet with an inclusionary housing bonus. The asset is currently occupied by a car wash under a long-term lease, delivering stable interim revenue while future development plans are pursued.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
