JLL Capital Markets experts completed the sale of a residential development site at 277 Lorimer Street, also known as 555 Broadway, in Brooklyn, N.Y., for Blesso Properties and Park-it Management. The Collective, a London-based company that develops and operates some of the largest co-living properties around the globe, acquired the property, located on the border of Brooklyn’s Bushwick and Williamsburg neighborhoods, for $54.25 million.
JLL’s Brendan Maddigan, Vice Chairman, and Ethan Stanton, Managing Director, represented the seller in the transaction, along with James Nelson, now with Avison Young.
“This is a complex site and we presented several potential sales scenarios to the seller,” said Maddigan. “We ultimately were able to maximize the sales proceeds for our client by separating a strategic amount of development rights from an existing bank building.”
The development site at 277 Lorimer Street comprises a five-lot assemblage with 250,982 square feet of market-rate residential development rights and a total development capacity of approximately 328,594 square feet. The location boasts around 725 feet of combined frontage on Broadway, Lorimer Street and Boerum Street in Brooklyn’s Williamsburg neighborhood.
“The five-lot assemblage unlocked more than 328,000 of potential zoning floor area, making this the largest site to close in North Brooklyn since the Rheingold Brewery site sold in 2016,” said Stanton.
The property at 277 Lorimer Street offers unparalleled accessibility to destinations such as the Financial District, SoHo, Midtown/Grand Central Terminal, Brooklyn Heights and Long Island City. The location shares the block with the Lorimer Street J M Z train station, which is just three stops from Manhattan, while the Broadway G train station is located directly across the street. Together, the stations serve close to 3 million riders annually. In addition, two Citi Bike stations on both sides of the site offer convenient and versatile alternate transportation throughout the borough, while the Brooklyn-Queens Expressway, accessible nearby, connects to major local thoroughfares.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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