April 9, 2020
Gemini Rosemont Development acquired a mixed-use development site at 167 N. 1st St. in Brooklyn’s Williamsburg neighborhood from Kevsta Inc. The buyer, a locally-based division of Gemini Rosemont Commercial Real Estate, paid $18.2 million.
“Williamsburg residents want the neighborhood feel of a boutique building, and the amenities of a large building,” said Paul Gerwin, EVP of Gemini Rosemont Development. “We are attracted to the property because the project size hits the sweet spot in meeting both of these lifestyle demands.”
A JLL team of vice chairmen Brendan Maddigan and Stephen Palmese; managing directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and director Patrick Madigan represented Kevsta. Gemini Rosemont’s Scott Schubiner and Andy Wong led the acquisition internally.
Current zoning on the parcel offers more than 37,000 square feet of developable rights. Maddigan said the lot represented “an ideal development opportunity for a mixed-use rental or condominium project.”
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