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The $82 Million Transformation: 5 Shocking Facts About 1065 Atlantic Avenue, Brooklyn's New 17-Story Tower

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The address 1065 Atlantic Avenue in Brooklyn, NY, once represented a quiet, industrial corner of the Bedford-Stuyvesant (Bed-Stuy) neighborhood, primarily known for its long-standing auto repair businesses. As of late 2024 and heading into 2025, that reality has been completely upended by one of Central Brooklyn's most ambitious and expensive new developments, the "Atlantic BK" mixed-use tower. This dramatic shift highlights the rapid and intense real estate evolution sweeping through Atlantic Avenue, turning low-rise commercial properties into high-density residential and retail hubs.

The site’s transformation is a microcosm of Brooklyn’s current development boom, moving from a two-story commercial building built in 1930 to a towering, 17-story structure with a current tax assessor's market value soaring to over $82 million. This article dives deep into the shocking details of the Atlantic BK project, its impact on the surrounding community, and why this specific address has become a focal point for Brooklyn's future real estate market.

From Auto Repair Hub to $82 Million Residential Landmark

The history of 1065 Atlantic Avenue is one of classic Brooklyn utility. For decades, the low-rise commercial structure at this address served the community's automotive needs. Before its demolition for the new project, the site was home to several businesses, creating a small, localized commercial ecosystem centered on vehicle maintenance and repair.

The Former Tenants: A Look Back

The previous life of 1065 Atlantic Avenue was defined by a handful of service-oriented businesses, many of which operated for years. These entities included:

  • Tarmac Brake & Alignment Corp: A long-standing auto repair and maintenance shop.
  • Tarmac Auto Center: Operating from the same address, it provided comprehensive auto services.
  • S&Y Auto Care: Another engine and auto repair service sharing the location.
  • Sterling Electric Inc: An electrical power business.
These businesses represented the kind of essential, local commerce that has historically characterized the Atlantic Avenue corridor. The area's proximity to major roadways made it a practical location for such services.

The Environmental Cleanup: Brownfield Project

An important, yet often overlooked, phase in the site's history was its designation as a Brownfield site. Due to its long history as an auto repair and industrial location, the property required environmental remediation. The entire 1045 - 1065 Atlantic Avenue area was part of the Atlantic Brooklyn Project Brownfield Cleanup Program, a necessary step to ensure the site was safe for residential use before the massive construction project could begin. This cleanup underscores the extensive effort and investment required to repurpose industrial land for modern, high-density housing.

Inside the Atlantic BK Mixed-Use Development

The new structure, known as Atlantic BK, is a monumental shift for the neighborhood. Developed by BEB Capital, the project represents a significant investment in the future of Central Brooklyn real estate. The scale of the development is impressive, positioning it as a major hub for both new residents and commercial activity in Bed-Stuy.

Key Facts and Figures of Atlantic BK:

  • Structure Height: 17 stories.
  • Total Size: Approximately 509,000 square feet.
  • Residential Capacity: The building is designed to house 425 residents in its numerous apartment units.
  • Commercial/Retail Space: A significant 52,000 square feet is dedicated to ground-floor and lower-level retail and commercial use, promising new services and jobs for the area.
  • Construction Timeline: Permits were filed for the tower, and the building was officially recorded as built in 2023.
  • Current Valuation: The property’s current tax assessor’s market value stands at a staggering $82,006,000.

The transformation from a two-story, 1930 commercial building to this contemporary, 17-story mixed-use tower is arguably one of the most significant real estate stories on Atlantic Avenue in recent years. This level of development, situated between Franklin and Classon avenues, signals the area's transition into a prime residential corridor.

The Affordable Housing Lottery: A Critical Opportunity

One of the most crucial and community-focused aspects of the Atlantic BK project is its inclusion of affordable housing units. In a city where housing costs continue to skyrocket, the launch of the affordable housing lottery for this new development is a major event for prospective residents.

The affordable housing lottery for Atlantic BK, which has been launched for the 17-story mixed-use building, provides a vital opportunity for lower and middle-income individuals and families to secure modern, amenity-rich housing in a rapidly gentrifying area. The lottery often specifies income bands and household sizes, ensuring that the units meet the city's inclusionary zoning requirements.

Key Lottery Details (Current/Recent):

  • Project Name: Atlantic BK.
  • Apartment Types: The building offers a mix of apartment layouts, including 1-bedroom and 2-bedroom units.
  • Pricing Example: Recent lottery listings showed 1-bedroom units starting from approximately $1,491 and 2-bedrooms from higher rates, depending on income tiers.
  • Application Window: Application deadlines, such as a recent one in June, highlight the ongoing process of filling these new units.

The availability of these affordable apartments is a critical component of the project's overall impact, attempting to balance the influx of new, market-rate luxury units with the need for accessible housing options for the existing community and new Brooklynites. This mixed-use, mixed-income model is becoming a standard for large-scale Brooklyn new construction projects.

1065 Atlantic Avenue's Role in Brooklyn's 2025 Real Estate Outlook

The development at 1065 Atlantic Avenue is not an isolated incident; it is a clear indicator of the macro trends shaping Brooklyn’s commercial and residential real estate market. The sheer size and valuation of the Atlantic BK building underscore the confidence that developers and investors have in the Atlantic Avenue corridor.

Atlantic Avenue: The New Investment Corridor

Real estate experts have increasingly pointed to Atlantic Avenue as one of the best investment bets in Brooklyn for 2025 and beyond. This enthusiasm is driven by several factors:

  1. Transit Accessibility: The avenue is a major thoroughfare with excellent access to subway lines and the Long Island Rail Road (LIRR), making it highly desirable for commuters.
  2. Neighborhood Convergence: The corridor connects several vibrant neighborhoods, including Bed-Stuy, Prospect Heights, and Crown Heights, benefiting from the cultural and commercial amenities of each.
  3. Untapped Potential: Unlike more established areas, parts of Atlantic Avenue still have older, low-density commercial properties—like the former auto shops at 1065 Atlantic—that are ripe for high-value redevelopment into mixed-use towers.

The Atlantic BK project is a powerful example of this trend, maximizing the potential of a commercially zoned lot to deliver hundreds of new residential units and substantial commercial space. This kind of vertical growth is essential for accommodating the city's growing population while revitalizing major urban arteries.

The Future of Bed-Stuy and Central Brooklyn

The transformation of 1065 Atlantic Avenue is a definitive marker for the future of the Bedford-Stuyvesant neighborhood. The introduction of a 17-story tower brings with it a significant population density increase, new retail options, and a change in the neighborhood's skyline and character. The development of high-value properties like Atlantic BK influences everything from local tax revenue to the demand for local services and amenities.

As the Bed-Stuy development continues to mature, the focus will shift to how well these large-scale projects integrate with the existing community fabric. The success of the affordable housing component and the type of retail tenants that occupy the 52,000 square feet of commercial space will be crucial in determining the long-term legacy of the Atlantic BK tower. For now, 1065 Atlantic Avenue stands as a symbol of unprecedented growth and a clear sign that Brooklyn's real estate boom is far from over.

The $82 Million Transformation: 5 Shocking Facts About 1065 Atlantic Avenue, Brooklyn's New 17-Story Tower
1065 atlantic avenue brooklyn ny
1065 atlantic avenue brooklyn ny

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