JLL sells 251 Douglass Street in Brooklyn for $22.5M

NEW YORK, April 28, 2020 — JLL Capital Markets announced today that it has completed the sale of a development opportunity at 251 Douglass Street in the Gowanus neighborhood of Brooklyn, New York, for David Linn with The Galinn Fund LLC. Tavros Capital Partners and Charney Companies acquired the property, which offers 37,000 buildable square feet, for $22.5 million.

The development opportunity at 251 Douglass Street is a three-lot assemblage that spans 18,500 square feet. The property includes an existing, vacant 5,000-square-foot brick structure. The site is directly across the street from Thomas Greene Playground and is just one block from the Gowanus Canal.

The three tax lots at 251 Douglass Street are located in a qualified opportunity zone. Per the recently released New York City Department of City Planning Gowanus zoning proposal, 251 Douglass Street is situated within M1(3)/R6A and M1(4)/R7X zoning districts, which would allow for upwards of 96,000 buildable square feet.

The JLL professionals overseeing the sale of 251 Douglass Street includes Vice Chairmen Stephen Palmese and Brendan Maddigan; and Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara.

“As a result of the proposed rezoning, there continues to be significant interest from developers and owners alike in capturing tomorrow’s value, today,” Mazzara said. “The sale of these assets represents the transformation of Gowanus that will be realized in the future, happening now.”

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.

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