JLL Capital Markets completed the sale of 219 Jay Street, a 37,549-buildable-square-foot opportunity zone development site in the heart of Downtown Brooklyn on behalf of Abra Construction.
The building was purchased by Tankhouse, a Brooklyn-based developer and architecture firm, for $12.5 million.
219 Jay St. is currently home to a three-story, 9,800-square-foot building, and offers an additional 37,549 buildable square feet due to its C6-2 zoning designation. It also offers opportunity zone eligible tax benefits.
Located at the intersection of Downtown Brooklyn, DUMBO and Brooklyn Heights, the property is within the Brooklyn Tech Triangle, one of New York City’s fastest growing sub-markets.
The JLL Capital Markets team representing the seller was led by Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton, and Vice President Patrick Madigan.
“The sale of 219 Jay Street at approximately $330 per buildable square foot was a great outcome for the seller and a unique opportunity for the purchaser to develop a very well-located corner in Downtown Brooklyn,” said Clifford. “Located at the base of the Manhattan Bridge, the site has immediate access to Manhattan and is positioned in one of Brooklyn’s most dynamic submarkets.”