JLL Sells 42-50 Jay Street in DUMBO
Phoenix House sells two interconnected buildings totaling 79,900 square feet to Alloy Development for $52.25 million
NEW YORK, March 8, 2019 — JLL Capital Markets experts have successfully sold 42-50 Jay Street in Brooklyn, N.Y, for Phoenix House, an inpatient-care rehabilitation company. Alloy Development acquired the 79,900-square-foot commercial property, located in the Brooklyn’s Dumbo neighborhood for $52.25 million.
JLL represented the seller and the buyer in this transaction. The JLL professionals included Bob Knakal, Chairman; Stephen Palmese, Vice Chairman; and Michael Mazzara, Managing Director.
“This was a vacant property in the highly desirable Dumbo neighborhood of Brooklyn that offered a tremendous opportunity for the buyer,” said Knakal. “The seller recently completed an extensive gut renovation designed by Gensler at 50 Jay Street and also thoroughly enhanced 42 Jay Street. The buildings are extremely well-positioned within the Brooklyn Tech Triangle, one of New York’s most desirable office destinations for TAMI (technology, advertising, media and information services) tenants.”
The property at 42-50 Jay Street is comprised of two interconnected buildings—the five-story, 33,900-square-foot 50 Jay Street office building and the 46,000-square-foot 42 Jay Street, which is utilized as an inpatient care rehabilitation facility. The entire 50 Jay Street, with the exception of the third floor, recently underwent an extensive Gensler-designed gut renovation that highlighted the building’s innate loft features such as exposed brick, wood beam columns and 12-foot-plus ceiling heights. The entire 42 Jay Street also underwent a complete interior renovation, with the exception of the seventh floor.
The property is ideally located in Dumbo, on the Brooklyn Waterfront, overlooking Lower Manhattan. The already thriving neighborhood is in the midst of a massive transformation with the developments of the Brooklyn Bridge Park, Dumbo Heights, Brooklyn Tech Triangle, Brooklyn Navy Yard, 25 Columbia Heights, 85 Jay Street, and Empire Stores, among a number of residential conversions.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com