JLL Capital Markets was selected by JZ Capital Partners Ltd. and RedSky Capital LLC to sell a development site at 1 Java Street on the Greenpoint waterfront in Brooklyn, N.Y.
The location offers a maximum development potential of 644,678 square feet. The sellers are asking $165 million.
The development site at 1 Java Street has a 134,000-square-foot footprint and mixed zoning designations of R6/C2-4, R6 and R8. 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.
The parcel of land offers a 1,174 feet of wrap-around high-visibility frontage on India and Java Streets that is ideal for retail development and benefits from multiple curb cuts.
The development site is two blocks from the Greenpoint Avenue G train, the B24 and B32 bus routes and the proposed BQX streetcar route. The India Street East River Ferry Terminal is adjacent to the property.
The JLL Capital Markets professionals overseeing the sale assignment include Chairman of New York Investment Sales Bob Knakal, Vice Chairmen Stephen Palmese and Brendan Maddigan, Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton and Vice President Patrick Madigan. Managing Director Christopher Peck and Senior Director Peter Rotchford will provide financial advisory services.
“The 1 Java Street 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.”
JZ Capital announced late last year that it was moving to cash out much of the real estate investments.