JLL to arrange sale of ~1.5 million BSF commercial development site at2731 West 12th Street in Coney Island
JLL Capital Markets announced today that it has been selected to exclusively market 2731 West 12th St. in Brooklyn, a 1.462-million BSF, M-zoned land parcel, one of the largest undeveloped tracts in New York City.
The 16-acre site, located in an Opportunity Zone, is eligible for an ICAP tax abatement, a program that directly reduces the percentage of taxes paid for a period of 15-25 years. Zoned M3-1, the property can be utilized for a wide variety of manufacturing uses, and possibly for large-scale variety and department stores. This combination of varied uses and substantial tax benefits makes 2731 West 12th Street a highly attractive investment for developers.
The current ownership has made a significant investment in satisfying its current regulatory obligations which has positioned the site for immediate development.
The property’s location, with frontage along the Belt Parkway, provides easy access to the Brooklyn-Queens Expressway and Verrazano Bridge, allowing for quick connectivity to all five boroughsto the more than 17 million consumers within a 30-minute drive. Positioned within 22 miles of all three major New York City airports,the site is also a future gateway to one of NYC’s premier tourist attractions. The one-minute walk to the Coney Island-Stillwell Ave subway station creates an easy access point for potential employees.
The JLL Capital Markets professionals overseeing the sale include Vice Chairman Stephen Palmese; Managing Directors Hall Oster and Brendan Callahan; Director Braedon Gait,and Vice Presidents Gabrielle Harvey, Teddy Galligan, Andrew Posil and Jordan Yarboro. Senior Managing Director Max Herzog is overseeing capitalization.
“This is an extraordinary opportunity for investors seeking a truly large-scale development opportunity with flexibility of use in a location that provides easy access to the city’s highways, bridges, airports and mass transit,” said Palmese. “The tax benefits that accrue to the site offer additional incentives to developers.
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 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.
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 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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
