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| Rendering of potential development site at 251 Front Street, Brooklyn, NY |
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| Stephen Palmese |
NEW
YORK, NY, June 30, 2020 — JLL Capital Markets announced today
that it has completed the $19.85 million sale of the 251 Front St. development
site located in Brooklyn, New York.
JLL
worked with the seller, Paul Tocci, and on behalf of the buyer, Cheskie
Weisz, to complete the sale.
The
development opportunity at 251 Front St. comprises a vacant, 19,991-square-foot
lot between Bridge and Gold streets, three blocks from the East River
waterfront.
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| Brendan Maddigan |
The
site offers a total of 400 feet of prime, high-visibility corner retail
frontage on three different streets.
The property can support up to 39,982 buildable
square feet of potential development and has a R6B zoning designation that is
ideal for a boutique condominium or townhouse project.
The
development site at 251 Front St. provides convenient access to Flatbush Avenue
and I-278, as well as Manhattan Bridge and the Brooklyn Bridge.
 |
| Ethan Stanton |
Located in the Dumbo neighborhood, it is home
to some of Brooklyn’s best restaurants, bars and boutique shopping options.
The
JLL Capital Markets Investment Advisory team representing the seller includes
Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing
Directors Ethan Stanton, Winfield Clifford and Michael Mazzara; and
Director Patrick Madiang.
“The
251 Front St. opportunity was one of the last parcels of undeveloped land in
the Dumbo neighborhood and Vinegar Hill submarkets,” Palmese said.
“The
strength of the sale at just under $500 per buildable square foot is
evidence of the long-term strength of the market.”
 |
| Winfield Clifford |
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 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.
For
more news, videos and research resources on JLL, please visit our newsroom.
Contacts:
Natalie
Passarelli
Public Relations
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
Chicago, IL 60601
M
+1 224 477 7307
George
Shea, Mark Faris
Company: Shea
Communications
Phone: +1
212 627 5766
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