JLL to market 160 Van Brunt Street in Brooklyn, NY
Firm marketing 119,000-square-foot commercial loft building on Red Hook waterfront for LIVWRK and FM Capital
NEW YORK, February 19, 2020 — JLL Capital Markets was retained to sell 160 Van Brunt Street, a 119,000-square-foot commercial loft building located in the Red Hook section of Brooklyn, New York. The owners, LIVWRK and FM Capital LLC, expect offers north of $60 million for the mixed-use waterfront property.
The three-story 160 Van Brunt Street is a former marine repair facility that features 119,000 square feet of office, retail and “maker” space in a desirable loft design. The building offers upwards of 25-foot ceilings and outstanding light, air and views. It also benefits from an Industrial and Commercial Abatement Program abatement that reduces the taxes payable on the property.
The recently renovated 160 Van Brunt Street has flexible, 22,000-square-foot floorplates, 25-foot ceilings, original concrete floors, exposed brick and oversized windows. The building was updated to appeal to a variety of potential tenants including industrial, nonprofit, government, and technology and media firms.
Recently, tenants have signed 80,561 square feet of new leases at the property, demonstrating the success of the repositioning. New tenants with national brand recognition include Tesla, Starbucks and New York University. Approximately 25,457 square feet of space remains available at 160 Van Brunt Street.
The JLL Capital Markets team overseeing the sale assignment include Vice Chairmen Brendan Maddigan and Stephen Palmese; Managing Directors Ethan Stanton, Winfield Clifford, Michael Mazzara and David Giancola; and Associate Michael Lipman. In addition, Managing Director Mark Fisher provided financial advisory services.
“The property’s location on the Red Hook waterfront positions the asset for strong appreciation, due to its proximity to Sunset Park and Gowanus, neighborhoods with some of the highest development activity in the borough,” said Stanton. “Sunset Park hosts industrial properties with unparalleled logistics to Manhattan while Gowanus is undergoing a neighborhood-wide rezoning. These transformative projects, backed by institutional capital, will further enhance the profile, density and asset values of the Red Hook waterfront properties.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and 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.
Founded in 2013, LIVWRK is a principal based real estate company concentrated on mixed use urban development. LIVWRK practices handcrafted development, meticulously planning every element of the design and engineering process from the inception of a project to its completion.
About FM Capital LLC
FM Capital LLC is a full service vertically integrated real estate investment company that uses a value investing philosophy to focus on commercial real estate opportunities, debt acquisitions and commercial loan originations.