April 1, 2020
JLL Capital Markets closed the $61.5-million sale of a development site at 29 Jay St. in Brooklyn’s Dumbo neighborhood for the Forman Group. Edward J. Minskoff Equities Inc. acquired the property, which offers a maximum development potential of more than 200,000 square feet.
The existing two-story structure was constructed in 1977. The property has flexible zoning, allowing for a full-service, amenitized commercial, residential or mixed-use building.
A JLL team of Bob Knakal Stephen Palmese, Brendan Maddigan, Winfield Clifford, Jonathan Hageman, Michael Mazzara, Ethan Stanton and Patrick Madigan arranged the sale. Their colleague, Aaron Niedermayer, provided financial advisory services, while JLL’s Howard Hersch provided leasing advisory services.
“29 Jay St. offers the opportunity for an investor to create a true transit-oriented development,” Palmese said. “A project larger than five stories could offer terrific Manhattan and East River waterfront views on the upper floors due to the low density of surrounding buildings.”
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