JLL to sell vacant property with approximately 185,000 square feet ripe for commercial conversion and ground-up development potential
JLL Capital Markets has been selected to market 67 Kent Avenue in the North Williamsburg neighborhood of Brooklyn, N.Y. The property footprint comprises six separate lots, totaling 72,535 square feet, that take up nearly a full city block and includes 1,125 square feet of wraparound, highly visibility frontage.
The JLL professionals overseeing the assignment include Brendan Maddigan and Stephen Palmese, Vice Chairmen; Ethan Stanton, Winfield Clifford and Michael Mazzara, Managing Directors.
“67 Kent is unique because there are two attractive development components intertwined into one overall business plan,” said Stanton. “The two different phases will produce significantly higher returns for the developer because of the yield created in the first two years of the project. Ownership will consider offers on the entire assemblage as well as on individual lots.”
The assemblage comprises approximately 184,281 square feet of interconnected factory buildings with remarkable ceiling heights and column spacing. It also contains a freestanding apartment building and a vacant lot. The property offers a prime commercial conversion with highly flexible zoning, and is situated in an IBZ where there is precedent for obtaining a ULURP for greater commercial density.
“An offering of nearly a full city block in North Williamsburg directly across from Bushwick Inlet Park is a compelling opportunity that institutional investors would be remiss not to jump all over,” said Maddigan.
Williamsburg’s thriving neighborhood appeals to both locals and tourists alike, with nationally recognized brand retailers, four popular hotels, and dozens of popular restaurants, bars and nightlife options. The property overlooks two adjacent waterfront parks, East River State Park and the expanding 28-acre Bushwick Inlet Park, forever securing city and water views. 67 Kent Avenue offers easy access to a variety of transportation; namely the Bedford Avenue L train, the East River Ferry Terminal, the B32 bus line and multiple CitiBike stations. It is also located in close proximity to the proposed BQX streetcar route.
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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About JLL
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
