JLL sells development site in Brooklyn, NY
Con Edison sells 3.2-acre waterfront development opportunity to Two Trees Management Co. for $150M
NEW YORK, January 2, 2020 — JLL Capital Markets experts successfully sold the River Street Assemblage, located at One River Street, for Con Edison. Two Trees Management Co. LLC acquired the 3.2-acre waterfront development opportunity, located in the North Williamsburg neighborhood of Brooklyn, N.Y., for $150 million.
The River Street Assemblage offers 3.2 acres of combined assemblage land footprint and up to 285,020 buildable square feet of development rights. The property has a M3-1 zoning designation, which permits a variety of commercial uses, including retail, office, manufacturing and mixed-use projects. The assemblage also includes a substantial portion of land under water, and associated piers and platforms. The site also offers nearly four hundred feet of frontage along River Street and waterfront exposure with panoramic Manhattan views along the public waterfront esplanade on the East River.
The River Street Assemblage is located in North Williamsburg, adjoining iconic neighborhood buildings like the landmarked Austin Nichols House, One North Fourth and Level residences, and near some of New York City’s best dining, nightlife and shopping options. The property offers easy access to both the East River Ferry Terminal and the L train, both with direct service to Manhattan and throughout the boroughs. The site also sits along the proposed path of the anticipated Brooklyn Queens Connector, a proposed streetcar line running from Astoria to Red Hook and the continuation of the Brooklyn Greenway Initiative’s alternative transportation route.
The JLL professionals completing the sale for Con Edison include Vice Chairmen Brendan Maddigan and Stephen Palmese and Managing Directors Michael Mazzara, Ethan Stanton and Winfield Clifford.
“This unique waterfront site offers a rare opportunity in one of New York City’s most in-demand neighborhoods,” said Maddigan. “With 3.2 acres of land on Williamsburg’s waterfront, River Street Assemblage’s potential is endless,” added Palmese.
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. 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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE:ED), one of the nation’s largest investor-owned energy companies, with approximately $12 billion in annual revenues and $49 billion in assets. The utility delivers electricity, natural gas and steam to about 3.4 million customers in New York City and Westchester County, N.Y. For additional financial, operations and customer service information, visit conEd.com. For energy efficiency information, visit coned.com/energyefficiency. Also, visit us on Twitter and Facebook.