JLL sells 167 North First Street in Brooklyn, NY, for $18.2M
Kevsta sells mixed-use development site to Gemini Rosemont for $18.2M; lot can support up to 50,000 square feet of development, with affordable housing
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.”
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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 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.