Tuesday, June 30, 2020

JLL closes $20 million sale of 39,982-SF potential development site in Dumbo, Brooklyn, NY



Rendering of potential development site at 251 Front Street, Brooklyn, NY

 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.

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
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307


George Shea, Mark Faris
Company: Shea Communications
Phone: +1 212 627 5766
 

No comments:

Post a Comment