JLL to sell development site at 1 Java Street in Brooklyn, NY
JZ Capital Partners and RedSky Capital are asking $165M for the 644,678-square-foot land site
NEW YORK, April 7, 2020 — JLL Capital Markets was selected by JZ Capital Partners Ltd. and RedSky Capital LLC to sell a development site at 1 Java Street on the Greenpoint waterfront in Brooklyn, N.Y. The location offers a maximum development potential of 644,678 square feet. The sellers are asking $165 million.
The development site at 1 Java Street has a 134,000-square-foot footprint and mixed zoning designations of R6/C2-4, R6 and R8. Developers may be eligible for tax benefits via the Voluntary Inclusionary Housing Brownfield Cleanup Tax Credits, the Industrial & Commercial Abatement Program, and the Food Retail Expansion to Support Health program.
The parcel of land offers a generous 1,174 feet of wrap-around high-visibility frontage on India and Java Streets that is ideal for retail development and benefits from multiple curb cuts.
The development opportunity includes tremendous access to public transportation. It is two blocks from the Greenpoint Avenue G train, the B24 and B32 bus routes and the proposed BQX streetcar route. The India Street East River Ferry Terminal is adjacent to the property.
The JLL Capital Markets professionals overseeing the sale assignment include Chairman of New York Investment Sales Bob Knakal, Vice Chairmen Stephen Palmese and Brendan Maddigan, Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton and Vice President Patrick Madigan. Managing Director Christopher Peck and Senior Director Peter Rotchford will provide financial advisory services.
“The 1 Java Street development site offers unique large-scale conversion or ground-up development possibilities,” Palmese said. “The property is located directly on the East River and overlooks Manhattan, securing unparalleled views for future residents.”
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.
About JZ Capital Partners Ltd.
JZ Capital Partners (“JZCP”) is one of the oldest closed-end investment companies listed on the London Stock Exchange. It seeks to provide shareholders with a return by investing selectively in US and European microcap companies and US real estate. JZCP receives investment advice from Jordan/Zalaznick Advisers, Inc. (“JZAI”) which is led by David Zalaznick and Jay Jordan. They have worked together for more than 35 years and are supported by teams of investment professionals in New York, Chicago, London and Madrid. JZAI’s experts work with the existing management of micro-cap companies to help build better businesses, create value and deliver strong returns for investors. For more information please visit www.jzcp.com.
About RedSky Capital LLC
RedSky Capital is a Brooklyn-based firm that owns, operates and develops real estate assets with a focus on value-add opportunities. RedSky strategically targets and invests in burgeoning markets and has established a Brooklyn portfolio in excess of $1.0 billion, making it one of the largest and most successful investors in the borough. RedSky offers its investors a multi-cycle platform built upon a long-term hold strategy that results in the creation of significant value and high compounded returns through optimizing use of existing space and expense reductions. RedSky prides itself on its in-depth ability to operate efficiently and develop real estate after the initial acquisition phase. RedSky expanded into the South Florida market in 2013 and has transacted on over $500.0 million to date in the Design District, Wynwood and West Palm Beach.