July 1, 2020 Comments Off on Dumbo Development Site Fetches $20M Views: 480 New York News, Outer Boroughs New York

Dumbo Development Site Fetches $20M

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JLL Capital Markets completed the $19.85-million sale of a development site at 251 Front St. in Brooklyn’s Dumbo neighborhood. JLL worked with seller Paul Tocci and on behalf of buyer Cheskie Weisz.

The JLL team representing the seller includes vice chairmen Stephen Palmese and Brendan Maddigan; managing directors Ethan Stanton, Winfield Clifford and Michael Mazzara; and director Patrick Madigan.

Located three blocks from the East River waterfront, 251 Front St. comprises a vacant, 19,991-square-foot lot, with a total of 400 feet of corner retail frontage on three different streets. The property can support up to 39,982 buildable square feet of potential development.

“The 251 Front St. opportunity was one of the last parcels of undeveloped land in the Dumbo neighborhood and Vinegar Hill submarkets,” said Palmese. “The strength of the sale at just under $500 per buildable square foot is evidence of the long-term strength of the market.”

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