JLL sells 167 North First Street in Brooklyn, NY, for $18.2M

NEW YORK, April 8, 2020 — JLL Capital Markets announced today that it has closed the sale of 167 North First Street in the Williamsburg neighborhood of Brooklyn, N.Y., for Stanislaw Rys/Kevsta Inc. Gemini Rosemont Commercial Real Estate acquired the mixed-use development site for $18.2 million.

The lot at 167 North First Street is situated midblock between Bedford and Driggs avenues in Williamsburg, Brooklyn, and includes a fully built, single-story, 13,867-square-foot warehouse with 17-foot ceilings and multiple curb cuts. The property offers more than 37,000 buildable square feet of developable rights or nearly 50,000 buildable square feet with 20% on-site or off-site affordable housing. The lot also features 200 feet of frontage along North First Street off of Bedford Avenue, Brooklyn’s strongest retail corridor. The development site is just six blocks from the Bedford Avenue L Train Station.

The JLL professionals completing the sale for Stanislaw Rys/Kevsta Inc. include Vice Chairmen Brendan Maddigan and Stephen Palmese; Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and Director Patrick Madigan.

“The development site at 167 North First Street is in the most sought-after area of Williamsburg,” Maddigan said. “Residential rents in the neighborhood approach $75 per square foot, and condominium sales range from $1,400 to $1,700 per square foot, making this lot an ideal development opportunity for a mixed-use rental or condominium project.”

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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