Done Deals: One of New York City’s largest undeveloped parcels comes to market

Tuesday, December 22, 2020

One of New York City’s largest undeveloped parcels comes to market

Gabrielle Harvey

Teddy Galligan

NEW YORK, NY, Dec. 21, 2020 — JLL Capital Markets announced today that it has been selected to exclusively market 2731 West 12th St. in Brooklyn, a 1.462-million BSF, M-zoned land parcel, which is one of the largest undeveloped tracts in New York City.

The 16-acre site, located in a Qualified Opportunity Zone, is eligible for an ICAP tax abatement, a program that directly reduces the percentage of taxes paid for a period of 15-25 years.

The M3-1 zoning provides a new owner the option to develop either a manufacturing facility or possibly a large-scale variety or department store. This combination of varied uses and substantial tax benefits makes 2731 West 12th St. a highly attractive investment for developers.

Stephen Palmese

The current ownership has made a significant investment in satisfying its current regulatory obligations which has positioned the site for immediate development.

The property’s location, with frontage along the Belt Parkway, provides easy access to the Brooklyn-Queens Expressway and Verrazano Bridge, allowing for quick connectivity to all five boroughs and to the more than 17 million consumers within a 30-minute drive.

Positioned within 22 miles of all three major New York City airports, the site is also a future gateway to one of NYC’s premier tourist attractions, Coney Island. The one-minute walk to the Coney Island-Stillwell Ave subway station creates an easy access point for potential employees.

Hall Oster

The JLL Capital Markets team overseeing the sale include Vice Chairman Stephen Palmese; Managing Directors Hall Oster and Brendan Callahan; Director Braedon Gait; and Vice Presidents Gabrielle Harvey, Teddy Galligan, Andrew Posil and Jordan Yarboro. Senior Managing Director Max Herzog is overseeing capitalization.

“This is an extraordinary opportunity for investors seeking a truly large-scale development opportunity with flexibility of use in a location that provides easy access to the city’s highways, bridges, airports and mass transit,” Palmese said.

Brendan Callahan

“The tax benefits that accrue for the site offer additional incentives to developers.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Andrew Posil

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020.