JLL Capital Markets has completed the $19.85 million sale of the 251 Front St. development site located in Brooklyn, New York.
JLL worked with the seller, Paul Tocci, and on behalf of the buyer, Cheskie Weisz, to complete the sale.
The development opportunity at 251 Front St. comprises a vacant, 19,991-square-foot lot between Bridge and Gold streets, three blocks from the East River waterfront. The site offers a total of 400 feet of prime, high-visibility corner retail frontage on three different streets.
The property can support up to 39,982 buildable square feet of potential development and has a R6B zoning designation that is ideal for a boutique condominium or townhouse project (rendering top).
Tocci’s Constellation Group had previously proposed a nine-story, 72-unit rental building on the site but dropped the plan among local opposition to what was considered an ‘out-of-context’ development.
251 Front St. offers access to Flatbush Avenue and I-278, as well as Manhattan Bridge and the Brooklyn Bridge. Located on the Vinegar Hill/Dumbo border, it is home to some of Brooklyn’s best restaurants, bars and boutique shopping options.
The JLL Capital Markets Investment Advisory team representing the seller includes Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara; and Director Patrick Madigan.
“The 251 Front St. opportunity was one of the last parcels of undeveloped land in the Dumbo neighborhood and Vinegar Hill submarkets,” Palmese said. “The strength of the sale at just under $500 per buildable square foot is evidence of the long-term strength of the market.”