Downtown Brooklyn Development Site Fetches $84M
JLL Capital Markets arranged the $83.5-million sale of the Bridge & Fulton Development Site, a large-scale mixed-use development opportunity located at 485 Fulton St. and 147 Lawrence St. in Downtown Brooklyn. Borough Developers acquired the property from ICER Real Estate.
JLL’s Michael Mazzara, Ethan Stanton and Brendan Maddigan represented the seller and negotiated directly with the buyer.
“This sale speaks to the continued strength of investor conviction in Downtown Brooklyn and, more broadly, the value developers are placing on well-located sites where they can build housing at meaningful scale,” said Mazzara. “There are very few opportunities of this size in a neighborhood with this level of transit access, residential demand and established retail.”
Preliminary plans envision a four-building development comprising retail on the ground with residential above. The site is located within an Inner Transit Zone with no parking requirement and can benefit from additional development flexibility available through the City of Yes program.
Other News
Marcus & Millichap Closes Multifamily Sale in San Diego’s College East
Marcus & Millichap closed the sale of The Molokai Apartments, a 39-unit multifamily property in San Diego. The property sold for $11.2 million, or $287,179 per unit. “The property received a tremendous amount of attention from the investment community due in part to its spacious floor plans, which average more than 800 square feet and...
Learn more
SoCal Family Office Snaps Up Apartments in Competitive Modesto Submarket
The Mogharebi Group (TMG) represented Bay Area-based Tesseract Capital Group in the sale of The Marc at 1600, a 100-unit multifamily community located at 1600 Standiford Ave. in Modesto. The buyer was a private family office from Southern California, which paid $26.6 million. TMG’s team of EVP Otto Ozen, SVP Brian Nakamura and SVP Nazli...
Learn more
JWest Breaks Ground On $400M-Plus Vancouver Mixed-Use Campus
JWest has broken ground on a $400M-plus Vancouver redevelopment that will use income from 630 rental homes to help support a major new non-profit community campus. The 3.3-acre Roadburg Campus, at 950 West 41st Ave., is being developed by JWest Foundation, the non-profit organization created to oversee the project and manage its future revenue. Plans...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout