Downtown Brooklyn development site sells for $25M

NEW YORK, NY, Sept. 1, 2022  – JLL Capital Markets has announced the $25.5 million sale of a potential development site comprised of 358-376 Livingston St. and 60 Flatbush Ave., a 40,000-square-foot mixed-use portfolio zoned for residential and commercial development in Brooklyn.

JLL arranged the sale on behalf of the long-term owner, Livingston Street Realty Associates. The buyer was Brooklyn-based Goose Property Management.

The site represents an opportunity to develop up to 188,000 buildable square feet of mixed-use space in the heart of downtown Brooklyn. Situated in a highly visible corner within the Brooklyn Tech Triangle, the large, combined footprint of 15,743 square feet allows for a flagship development opportunity in a transit-heavy neighborhood.

Currently occupied by several pre-war mixed-use buildings, the site is a 10-minute walk from Fulton Mall and surrounded by nationally recognized brand-name retailers, popular restaurants, bars and nightlife hotspots, hotels and schools. Steps from over 10 subway lines and the LIRR, the site is an easy commute to the Financial District and Midtown Manhattan in under 30 minutes.

The JLL Capital Markets team that handled the transaction included Senior Managing Directors Stephen Palmese and Brendan Maddigan, Managing Directors Michael Mazzara, Winfield Clifford and Ethan Stanton and Vice President Patrick Maddigan.

“The Brooklyn Tech Triangle has seen an influx of office, hotel and retail developments, making it the largest and fastest growing neighborhood in the borough, and home to an increasingly diverse and educated population,” said Palmese. “As the city continues to nurture this innovation economy, this site presents a powerful opportunity to support commercial or residential development.”

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 advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.