JLL Capital Markets announced today that it has completed the $54 million off-market sale of the fee simple interest in an approximately 330,000 buildable square foot development site at 555 Broadway in Williamsburg, Brooklyn.
JLL represented the seller, The Collective, and procured the buyer, a joint venture of The Loketch
Group, The Joyland Group and Meral Property Group. The buyer plans to develop a fully serviced mixed-use rental project of approximately 250,000 square feet of residential space. Additional retail space is planned. The project will use the Affordable NY (421-a) program.
The site shares the block with the Lorimer Street JMZ and Broadway G subway stations, providing extraordinary access to Manhattan, Queens and downtown Brooklyn. Two Citi Bike stations on either side of the site provide convenient and versatile alternative transportation throughout the borough, while the nearby Brooklyn-Queens Expressway connects to major local arteries.
“This is a transit-oriented site that allows us to meet the strong demand for premium rental apartments in Williamsburg,” said Pinny Loketch, Founder and Director of The Loketch Group.
The JLL Capital Markets team representing both seller and buyer was led by Senior Managing Directors Brendan Maddigan and Stephen Palmese; and managing directors Ethan Stanton, Michael Mazzara and Winfield Clifford.
“555 Broadway not only offers scale, but a clear path to build under the Affordable NY program, which is why we were able to execute this entire transaction in less than 60 days,” Stanton added.
JLL Capital Markets is a global, full-service provider of capital solutions for real estate investors and
occupants. The firm’s in-depth knowledge of the local market and global investors provides best-in-class
solutions for clients – whether sales and investment advice, debt advice, equity advice or a
recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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