JLL closes sale of 470 Kent Ave. development site
Naftali Group acquires property on Williamsburg waterfront in Brooklyn, NY
NEW YORK, May 29, 2020 — JLL Capital Markets announced today that it has closed on the sale of a development site at 470 Kent Ave. on the Williamsburg waterfront in Brooklyn, N.Y., for Abraham Rosenberg. Naftali Group LLC, a leading privately held, global real estate development and investment firm run by CEO and Chairman Miki Naftali, acquired the property.
The development opportunity at 470 Kent Ave. comprises a 94,500-square-foot lot between Division Avenue and South 11th Street on the waterfront overlooking the East River. Certified Lumber occupies an existing building on the site and will announce a relocation to a nearby address as soon as appropriate. The lumber storage building will be demolished after a lease-back period. The property is located in a Qualified Opportunity Zone and has a versatile R7-3/C2-4 zoning designation that permits a wide array of uses and is perfect for a one-of-a-kind luxury residential or mixed-use complex.
The land at 470 Kent Ave. is on the edge of the thriving Brooklyn Navy Yard and is situated among several iconic waterfront developments like The Oosten, Eliot Spitzer’s Four Twenty Kent trio of towers, and the $1.5-billion Domino Refinery mega-development.
The property abuts the East River Ferry terminal and the Marcy Avenue J M Z train station, providing direct connections to DUMBO and Manhattan, both one stop away. Furthermore, the assemblage sits along the proposed path of the anticipated Brooklyn Queens Connector (BQX), adding to the attractiveness of the offering.
The JLL Capital Markets team representing the seller includes Vice Chairmen Brendan Maddigan and Stephen Palmese and Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara, along with Senior Managing Director Robert Burton with Cushman & Wakefield Inc.
“This transaction speaks volumes to the resilience of New York City and the developer’s confidence to build a large-scale, Opportunity Zone project in an excellent, waterfront Williamsburg location,” Maddigan said. “It’s been a pleasure working with the professionals at Naftali Group and seeing their commitment to the progress of this site.”
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.