CW Realty Group Acquires Downtown Brooklyn Development Site for $58M
CW Realty Group Acquires Downtown Brooklyn Development Site for $58M
Jones Lang LaSalle Incorporated has facilitated the closing of a significant land transaction in Downtown Brooklyn. CW Realty Group finalized the purchase of a parking facility located at 55 Smith Street, also known as 160 Livingston Street, for $58 million. The seller was New Jersey-based Edison Properties.
The site spans approximately 13,707 square feet and is positioned as one of the largest remaining residential development opportunities in the neighborhood. According to the JLL Capital Markets team, which brokered the deal, the transaction highlights continued demand for development-ready plots in New York City areas with strong residential fundamentals.
The property offers considerable air rights and development flexibility. Developers have the ability to construct 137,000 square feet as of right, while the city’s Universal Affordability Preference program allows for up to 164,000 square feet. Notably, a project at this location would not be subject to height limits or parking mandates if utilized for housing.
Additionally, the buyer may utilize the 485-x tax incentive program and leverage recent zoning reforms under the City of Yes for Housing Opportunity. JLL noted that the site is not restricted to rental or condominium projects, providing a range of potential uses for the new owner.
Jones Lang LaSalle Incorporated traded recently at $360.47, representing a slight decline of 0.15% from the previous close. The company holds a market capitalization of approximately $15.1 billion.
What to watch
- Future zoning filings or permit applications indicating the specific scope of development planned for the Smith Street site.
- Upcoming earnings or guidance from Jones Lang LaSalle regarding capital markets activity in New York City.
Source: original release