Development Site with Uncommonly Long Frontage Sells in Brooklyn
JLL Capital Markets closed the $23.5-million sale of 1150 Broadway, a residential development site in the Bedford-Stuyvesant neighborhood of Brooklyn. The team of Brendan Maddigan, Steve Rutman, Mike Mazzara and Ethan Stanton represented the seller, A-PLUS International Realty, and negotiated directly with the buyers, Brooklyn-based YS Developers and Rabsky Group.
Situated at the crossroads of Bedford-Stuyvesant and Bushwick, the 26,730-square-foot corner site is zoned for a mixed-use building with apartments, local retail and community facilities. Under the City of Yes for Housing Opportunity program, it offers up to 133,917 square feet of as-of-right zoning floor area. The property also sits within a federally designated Qualified Opportunity Zone and is eligible for the 485-x tax abatement program.
The site features approximately 475 feet of wraparound frontage along Lafayette Avenue, Kosciuszko Street, Kossuth Place and Broadway.
“Sites with this much frontage, this level of zoning flexibility and direct subway access rarely come to market in Brooklyn, and our marketing process generated significant interest from developers looking to establish a presence in the neighborhood,” said Maddigan. “YS Developers and Rabsky Group have a clear path to deliver a large-scale residential project with an attractive long-term position.”
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Greg Corbin
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout