JLL closes the $80M land recapitalization and vertical equity capitalization for mixed-use development in Brooklyn
499 President Street will feature 350 luxury multi-housing units and 20,000 square feet of retail in Gowanus, Brooklyn
NEW YORK, June 7, 2023 – JLL Capital Markets group announced today that it has closed an $80 million land recapitalization and arranged the equity capitalization for the development of a mixed-use community located at 499 President Street in Gowanus, Brooklyn. The community will feature 350 luxury apartments and approximately 20,000 square feet of ground-floor retail.
JLL arranged the joint venture that will develop and operate the property. The joint venture is a partnership between The Brodsky Organization, Avery Hall Investments and Battery Global Advisors.
Upon completion in 2025, the nine-story development will feature 262 (75%) market rate units and 88 (25%) affordable apartments and be one of the final New York City developments constructed under the Affordable New York Program. Units will feature in-unit washers and dryers, galley kitchens, stainless steel appliances, walk-in closets, and private outdoor terraces in select units. Community amenities will include a rooftop pool club, state-of-the-art fitness center, extensive co-working space, a “speak easy” billiard lounge, and more. There will also be an approximately 10,000 square-foot, at-grade parking structure.
499 President Street is located at the border of Gowanus and Park Slope, which is surrounded by the brownstone neighborhoods of Boerum Hill and Carroll Gardens. Located within an Opportunity Zone, the development is part of the Gowanus rezoning and includes housing designated as affordable under New York’s Inclusionary Housing Program. Residents will be one block east of the Gowanus Canal Waterfront, a five-minute walk from the Whole Foods Market, proximate to Washington Park and Prospect Park and less than three blocks from the neighboring eclectic dining and retail along the 5th Avenue corridor in Park Slope. The development is within walking distance of the 4th Avenue and 9th Street and Union Street subway stations, providing direct access to Atlantic Terminal, Manhattan and the outer boroughs.
The JLL Capital Markets Advisory team was led by Senior Managing Director, Christopher Peck, Director, Nicco Lupo, and Vice President, Jonathan Faxon.
“The recent rezoning has paved the way for the transformation of Gowanus from a predominantly industrial neighborhood to a vibrant new community of homes, open space and dynamic retail,” said Peck. “499 President Street sits at the heart of that transformation, which positions the development to benefit from positive tailwinds in the multifamily housing market.”
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 and 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.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Brodsky Organization
The Brodsky Organization is one of Manhattan's most established developers, owners, and managers of residential and commercial spaces in New York City. The Brodsky Organization's relationship with its residents is the foundation of its success. Every element of building life is supported by a dedicated and attentive management team. The Brodsky Organization offers intelligently designed apartments with exceptional views, which are in some of the most desirable neighborhoods in Manhattan and Brooklyn. The company has developed over 10,000 apartments in more than 85 rental, condominium, and co-op buildings. The portfolio ranges from charming brownstones, to renovated pre-war doorman buildings, to newly constructed high-rises with extensive building amenities. The neighborhoods span from West and Greenwich Village to Chelsea, Midtown West to Morningside Heights, and Midtown East to Carnegie Hill and Downtown Brooklyn.
About Battery Global Advisors
Battery Global Advisors provides customized wealth management solutions within an institutional family office framework. Between the families they advise and the private funds they offer, BGA manages over $4 billion of assets for sophisticated investors around the world. BGA invests opportunistically in real estate and has deployed over $340M of equity capital in Opportunity Zone projects and currently has over $685M in equity capital invested across a diversified portfolio of real estate projects.
About Avery Hall Investments
Avery Hall Investments is a real estate investment firm specializing in the acquisition, design and development of unique assets primed for growth and value creation. The firm is actively developing, planning and operating more than 2,000 apartments in Brooklyn, NY, Charlotte, NC, and Richmond, VA., including 680 apartments in Brooklyn’s Gowanus neighborhood, where the company is based. Avery Hall is committed to creating projects that enhance the quality of life in the communities in which it invests, with a focus on long-term value growth.