Abra Construction completes $12.5M sale of 219 Jay St.
JLL Capital Markets arranges sale of the 37,549 BSF opportunity zone development site
NEW YORK, November 17, 2020 — JLL Capital Markets announced today that it has completed the sale of 219 Jay Street, a 37,549-buildable-square-foot opportunity zone development site in the heart of Downtown Brooklyn on behalf of Abra Construction.
The building was purchased by Tankhouse, a Brooklyn-based developer and architecture firm, for $12.5 million.
219 Jay St. is currently home to a three-story, 9,800-square-foot building, and offers an additional 37,549 buildable square feet due to its C6-2 zoning designation. It also offers opportunity zone eligible tax benefits.
Located at the intersection of Downtown Brooklyn, DUMBO and Brooklyn Heights, the property is within the Brooklyn Tech Triangle, one of New York City’s fastest growing sub-markets. The area is home to some of the city’s best hotels, shopping and dining options. 219 Jay Street features easy access to Manhattan and the other boroughs with the A, C, F, 2, 3, N, Q and R subway lines, and is less than half a mile from eight subway stations.
The JLL Capital Markets team representing the seller was led by Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton, and Vice President Patrick Madigan.
“The sale of 219 Jay Street at approximately $330 per buildable square foot was a great outcome for the seller and a unique opportunity for the purchaser to develop a very well-located corner in Downtown Brooklyn,” said Clifford. “Located at the base of the Manhattan Bridge, the site has immediate access to Manhattan and is positioned in one of Brooklyn’s most dynamic submarkets.”
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 sales 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.