Atlas Capital Acquires Brooklyn Tower
This is the company’s second multifamily acquisition in three years.
Atlas Capital Group has acquired 80 Dekalb Ave., located in Brooklyn, N.Y. The 36-story multifamily community features 365 residences, along with 4,900 square feet of commercial retail space and a parking garage offering 126 spaces. The 14-year-old property is rent restricted through 2039, and 73 of the apartment homes are affordable.
The property is currently fully occupied, and continued demand for luxury rental product is being seen in the submarket. The property is situated on the border of downtown Brooklyn and Fort Greene, a location highly visible to those seeking an apartment.
Among the features and finishes of the apartments are a washer and dryer in all units, above-standard ceiling heights, high-speed Internet access, and in select units, microwave ovens and private balconies or patios. Amenities include a fitness center.
Proximate to shopping
Nearness to premier shopping, parks and public transit are among the chief attributes of 80 Dekalb. The City Point, Shops at Atlantic Center and Admirals Row shopping centers are situated within a 15-minute walk of the apartment community.
Parks and recreation are found nearby as well. Fort Greene Park, Commodore Barry Park and Cadman Plaza Park can all be reached within 6- to 16-minute walks. Five different transit lines can be accessed within 2- to 6-minute walks, and commuter rail is as close as Atlantic Terminal, a 10-minute walk from the apartment community. The acquisition of 80 Dekalb Avenue represents Atlas Capital Group’s second purchase within Brooklyn. It follows the firm’s 2021 acquisition of The Denizen, a luxury apartment community situated in the Bushwick enclave. In addition, Atlas Capital Group is co-developing a luxury condominium in Manhattan’s West Village at 80 Clarkson Street. Two months ago, a Brooklyn Multifamily Report found the borough’s renting fundamentals on a par with other parts of New York City.