Atlantic Terrace, the co-op on Atlantic Avenue with both market- and affordable-rates units, has sold out. The buildings hits the milestone about one-and-a-half years after hitting the market. Heather Gershen, the director of the Fifth Avenue Committee, said “we’re very pleased from both the timing and the pricing perspective” and that all units are expected to close within the year.It obviously took longest to sell the market-rate units; I pointed out last October that the pricing was way less than Forest City once expected, though if Forest City's modular plan comes to fruition, its costs will be lower, and the prices also will fall.
At Atlantic Terrace, the developer is seeking a tenant to rent the three ground-floor commercial spaces, which could be combined. The listing points out that it's directly across the street--actually catercorner--from the Barclays Center arena:
- 11,200 Square Feet-Divisible
- +/- 200 Feet of Frontage with Two Corners on exceptionally high traffic thoroughfare
- Located near Target, Office Depot, Pathmark, Men’s Wearhouse, Marshall’s, Old Navy, Chuck E. Cheese and many other national and local retailers
- Could be ideal for family restaurant or gastropub.
If and when residential buildings are constructed on the arena block, and across the street over the railyard, presumably there would be even more foot traffic.