JLL Capital Markets has arranged the $25.15 million sale of two residential development sites located at 1029 Dean St. and 1104 Pacific St. in the Crown Heights neighborhood of Brooklyn. The transactions were completed in separate off-market deals.
JLL represented the sellers in both transactions and negotiated directly with the buyer, Brooklyn-based Castell Group and Montgomery Street Partners, who plan to build two large-scale residential projects on the properties.
The properties are currently occupied by commercial properties. The two assets are situated contiguously and are located within the Atlantic Avenue Mixed-Use Plan (AAMUP) rezoning that was approved by the New York City Council in 2024 to enable new housing, including affordable units, and promote mixed-use development along the Atlantic Avenue corridor.
The JLL Capital Markets team was led by Mike Mazzara, Ethan Stanton and Brendan Maddigan.
Mazzara said, “We are in contract on a number of other sites in the neighborhood and AAMUP appears poised to be a big part of the next wave of residential development hub in Brooklyn. The area continues to see strong demand for housing, particularly when there is good access to transit and proximity to established employment and cultural hubs. These transactions underscore the importance of continued land use action to create additional housing opportunities across New York City.”
