T
hor Equities has sold a portfolio of residential and retail properties adjacent to the Barclays Center in Brooklyn. The buyer, whose identity remains unknown, paid $25 million for nine townhomes at 525-541 Atlantic Avenue in Boerum Hill. This sale price is only $2 million more than what Joe Sitt's Thor Equities paid a decade ago for the entire portfolio of 24 rental units and 32,000 square feet of retail space.
The area has seen a surge in retail rents since the Barclays Center opened in 2012. Today, Boerum Hill's Atlantic Avenue is lined with independently-owned restaurants, clothing stores, and home decor shops. The properties are fully leased to tenants such as Choco Mania, Banhmigos, Midtown Florist, and Hops Hill.
Despite the area's growth, average asking rents in Brooklyn remain below pre-pandemic levels, according to a recent Real Estate Board of New York report. However, the borough is experiencing a tightening supply of larger spaces, with strong demand from the food and beverage and fashion sectors.
