JLL to Market Development Site at 57 Caton Place in Brooklyn
Aview Equities, 57 Caton Partners to sell large scale, development site steps from Prospect Park
NEW YORK, February 1, 2019 — JLL Capital Markets experts were selected by Aview Equities and 57 Caton Partners LLC to market 57 Caton Place, a block-through development site in Winsor Terrace, Brooklyn, N.Y., for sale. The seller has proposed a 109,029-square-foot zoning floor area, mixed-use building comprised of 163,191 gross square feet.
The improved property will feature sweeping views of Prospect Park, the Parade Ground and the surrounding Brooklyn skyline. The site is steps away from the South Lake Drive entrance to Prospect Park, a 585-acre public park designed by the same architects who created Manhattan’s Central Park.
The JLL professionals overseeing the investment opportunity are Stephen Palmese, Vice Chairman; Hall Oster, Managing Director, Ethan Stanton Managing Director, William Barrett, Vice President; and Teddy Galligan, Associate.
“Windsor Terrace has become a destination for spillover demand from Brooklyn’s Dumbo, Park Slope, Brooklyn Heights and Cobble Hill neighborhoods,” said Palmese. “The area offers more affordability, room and access to green space than its peers.”
“Prewar buildings, rent regulation and zoning will continue to constrain the supply of newly constructed, fully amenitized product throughout Windsor Terrace,” said Oster.
Ownership has proposed plans for a nine-story, 109,029-square-foot zoning floor area, mixed-use building comprised of approximately 99,000 square feet of residential space, spread across 107 residential units, 27 of which will be affordable. Current plans also call for about 10,000 square feet of ground-floor retail space, 74 below-grade parking spaces and 10,000 square feet of outdoor space.
The site consists of a three-story office building located on Ocean Parkway that is connected to a single-story brick warehouse that has been partially demolished. Ownership will deliver the entire property vacant upon sale.
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 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 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