JLL Completes $111M Sale of 1 Java Street in Greenpoint, Brooklyn

10/14/20

JLL Capital Markets announced today that it has completed the $110.825 million sale of 1 Java Street, a large-scale waterfront development site in Brooklyn’s Greenpoint neighborhood.

JLL worked on behalf of the sellers, JZ Capital Partners and Redsky Capital, to secure the sale to the buyer,Lendlease.

1 Java Street is a development site with a 134,000-square-foot footprint, offering 610,000 buildable square feet on a full city block in Greenpoint. The site offers 1,174 square feet of wrap-around, high-visibility frontage and features multiple curb cuts along both India and Java streets. The site has protected waterfront views of the East River overlooking Manhattan, offering vistas for future building residents. The property is eligible for multiple mixed zoning designations, with a FAR up to 6.5 and multiple tax benefits, including the Voluntary Inclusionary Housing Brownfield Cleanup Tax Benefits, ICAP & Fresh Inviting Inclusionary tax incentives.

The dynamic Greenpoint neighborhood is home to significant development, with 7,000 new residences in the pipeline along the Greenpoint/Williamsburg waterfront and growing foot traffic and demand for retail, workspaces and new amenities. The neighborhood is a popular destination for tourists and city residents, with dozens of nearby popular restaurants, bars and retail options. The site is located in close proximity to a variety of public transportation options, including the G train with access to Long Island City, Brooklyn and Manhattan via the L and 7 subway lines; the India Street East River Ferry Terminal with connection to Long Island City, DUMBO, Williamsburg, Wall Street and Murray Hill, and several bus routes within two blocks. The site is near the proposed BQX streetcar route connecting Astoria and Sunset Park.

The JLL Capital Markets team representing the seller includes Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and Vice President Patrick Madigan. Melissa Burch and Christie Walker negotiated the deal in-house on behalf of Lendlease.

“We are pleased to help complete the sale of this extraordinary property in this thriving Brooklyn submarket.” Palmese said. “This asset offers unique, large-scale, shovel-ready development potential, and will be an iconic part of the Greenpoint community and Brooklyn skyline once complete.”

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 sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

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 usingthe 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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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