JLL Sells 29 Jay Street in Dumbo, Brooklyn, NY, for $61.5M
EJME acquires lot near East River waterfront offering development potential of more than 200,000 square feet
NEW YORK, March 30, 2020 — JLL Capital Markets announced today that it has closed the $61.5 million sale of a development site at 29 Jay Street in the Dumbo neighborhood of Brooklyn, N.Y., for the Forman Group. Edward J. Minskoff Equities Inc. acquired the property, which offers a maximum development potential of more than 200,000 square feet.
The existing two-story structure at 29 Jay Street was constructed in 1977. It comprises 21,000 square feet of warehouse and distribution space on a 18,955-square-foot lot at the corner of Jay and Plymouth streets. The site offers 250 feet of frontage, providing high visibility for a retail development.
The property has flexible zoning, allowing for a full-service, amenitized commercial, residential or mixed-use building. A residential development at 29 Jay Street would have a zoning floor area of approximately 136,476 square feet, while a commercial development would have a ZFA of approximately 189,372 square feet or 205,200 square feet with a cellar.
Eligible tax incentives for new development include the Industrial and Commercial Abatement Program and the Affordable New York Housing Program. In addition, Relocation and Employment Assistance Program, Commercial Expansion Program and Energy Cost Savings Program tax benefits are available for commercial tenants.
The development opportunity at 29 Jay Street is located one block from the entrance to Brooklyn Bridge Park and a few blocks from the Brooklyn Queens Expressway. It offers proximity to the A, C and F subway trains and the East River Ferry.
The JLL professionals overseeing the sale of 29 Jay Street included Chairman of New York Investment Sales Bob Knakal; Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Winfield Clifford, Jonathan Hageman, Michael Mazzara and Ethan Stanton; and Vice President Patrick Madigan. Managing Director Aaron Niedermayer provided financial advisory services and Managing Director Howard Hersch provided leasing advisory services.
“29 Jay Street offers the opportunity for an investor to create a true transit-oriented development,” Palmese said. “A project larger than five stories could offer terrific Manhattan and East River waterfront views on the upper floors due to the low density of surrounding buildings.”
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 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.