April 8, 2020
JLL Capital Markets was selected by JZ Capital Partners Ltd. and RedSky Capital LLC to sell a development site at 1 Java St. on the Greenpoint waterfront in Brooklyn. The location offers a maximum development potential of 644,678 square feet. Asking price is $165 million.
The JLL team overseeing the assignment includes Bob Knakal, Stephen Palmese, Brendan Maddigan, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan. Christopher Peck and Peter Rotchford will provide financial advisory services.
“The 1 Java St. development site offers unique large-scale conversion or ground-up development possibilities,” Palmese said. “The property is located directly on the East River and overlooks Manhattan, securing unparalleled views for future residents.”
Developers may be eligible for tax benefits via the Voluntary Inclusionary Housing Brownfield Cleanup Tax Credits, the Industrial & Commercial Abatement Program, and the Food Retail Expansion to Support Health program.
Photo courtesy of JLL.
For comments, questions or concerns, please contact Paul Bubny