Monday, January 14, 2008

More Details About the Five Big Parcels Between Atlantic Ave. and Pacific Street in Brooklyn



More details arise about the Valentine's Day auction of five contiguous parcels between Atlantic and Pacific Streets (between Smith Street and Boerum Place).

The five back-to-back properties are at 262 and 280 Atlantic Ave. and 253, 257 and 259 Pacific St. On the Atlantic Avenue side, the Brooklyn House of Detention will be facing Parcel A, shown in the top photo. On the Pacific side, Parcel E abuts Pacifico restaurant.

Linda Collins of the Brooklyn Eagle reported in March 2006 that these very same properties were on the market as a package deal. The asking price at the time was $24 million.

One of the interesting nuggets reported by the Eagle concerned a 2003 approved permit application to construct a seven-story, 53,000-square-foot, extended-stay hotel with 46 residential units and commercial space on the first floor, at the site of Parcel A.

The Boerum Hill Association, the Atlantic Avenue Local Development Association and the Atlantic Avenue Betterment Association (along with Council Member David Yasskey) all "voiced their concerns about this hotel development," the Eagle reported in April of 2007. A public hearing before the city’s Board of Standards and Appeals on a variance to allow construction of the hotel was postponed. But the Web site of auction house Sheldon Good & Co. lists "Extended Stay Hotel" as one of the possible uses of the parcels.

In a separate development, right next to Parcel A, on the Boerum Place corner where the Mobile gas station once stood, a seven story residential building with 59 units is planned.

- Real Estate Auction: Sheldon Good & Co.

- Atlantic Avenue Development Site Going, Going ... Brownstoner

- Under Siege III: Breaking on Boerum: Brooklyn Streets, Carroll Gardens

- 5 Atlantic Avenue Development Sites on Market for $24 Million: Brooklyn Eagle

- Yassky, Neighborhood Groups Continue Battling Atlantic Avenue Hotel Plan: Brooklyn Eagle

Photos by MK Metz

2 comments:

smeyer418 said...

Just because someone says there is an
approved permit doesn't make it so. The buyer would be expected to do their due diligence before and buy the property as is. The fact that it is being auctioned probably means the developer ran out of money or patience and possibly both.

jayjay said...

The city should buy it and build a middle school and high school there. Going to need them with all of the other development going on.