October 12, 2020
(Updated with additional information)
A partnership of Lendlease and Aware Super, one of Australia’s largest superannuation funds, acquired a 2.6-acre waterfront site at 1 Java St. in Brooklyn’s Greenpoint neighborhood. The site traded for $110.8 million, making it one of the biggest land purchases in New York City this year. The former owner will retain a minority interest.
The partnership plans a mixed-use development, including approximately 800 rental units. Thirty percent of the apartments will be designated as affordable housing.
“The acquisition of this significant waterfront site at 1 Java further demonstrates Lendlease’s prowess to creatively unlock sites for development,” said Melissa Román Burch, executive general manager of New York development at Lendlease.
The acquisition extends the $2-billion Lendlease Americas Residential Partnership (LARP) to develop and hold multifamily assets in targeted U.S. gateway cities. With this investment, the LARP portfolio spans Chicago, Boston and New York.
JLL’s Stephen Palmese, Brendan Maddigan, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan negotiated for the seller.
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