JLL closes sale of 251 Front St. in Brooklyn for $19.85M
Paul Tocci sold vacant corner lot with 39,982 square feet of development potential to Cheskie Weisz for $19.85M; last undeveloped site over 10,000 square feet in Dumbo
NEW YORK, June 30, 2020 — JLL Capital Markets announced today that it has completed the $19.85 million sale of the 251 Front St. development site located in Brooklyn, New York.
JLL worked with the seller, Paul Tocci, and on behalf of the buyer, Cheskie Weisz, to complete the sale.
The development opportunity at 251 Front St. comprises a vacant, 19,991-square-foot lot between Bridge and Gold streets, three blocks from the East River waterfront. The site offers a total of 400 feet of prime, high-visibility corner retail frontage on three different streets. The property can support up to 39,982 buildable square feet of potential development and has a R6B zoning designation that is ideal for a boutique condominium or townhouse project.
The development site at 251 Front St. provides convenient access to Flatbush Avenue and I-278, as well as Manhattan Bridge and the Brooklyn Bridge. Located in the Dumbo neighborhood, it is home to some of Brooklyn’s best restaurants, bars and boutique shopping options.
The JLL Capital Markets Investment Advisory team representing the seller includes Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara; and Director Patrick Madigan.
“The 251 Front St. opportunity was one of the last parcels of undeveloped land in the Dumbo neighborhood and Vinegar Hill submarkets,” Palmese said. “The strength of the sale at just under $500 per buildable square foot is evidence of the long-term strength of the 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 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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.