JLL Capital Markets has been retained by the National Grid to sell a 16-acre development site in Coney Island.
The site at 2731 West 12th Street was once the Brooklyn Borough Gas Works facility. According to JLL, the current ownership has made a significant investment in satisfying its current regulatory obligations which has positioned the site for immediate development.
Offering 1.462-million BSF the M-zoned land parcel, one of the largest undeveloped tracts in New York City.
It is located in an Opportunity Zone, is eligible for an ICAP tax abatement, a program that directly reduces the percentage of taxes paid for a period of 15-25 years. Zoned M3-1, the property can be utilized for a wide variety of manufacturing uses, and possibly for large-scale variety and department stores. This combination of varied uses and substantial tax benefits makes 2731 West 12th Street a highly attractive investment for developers.
The JLL Capital Markets professionals overseeing the sale include Vice Chairman Stephen Palmese; Managing Directors Hall Oster and Brendan Callahan; Director Braedon Gait, and Vice Presidents Gabrielle Harvey, Teddy Galligan, Andrew Posil and Jordan Yarboro. Senior Managing Director Max Herzog is overseeing capitalization.
“This is an extraordinary opportunity for investors seeking a truly large-scale development opportunity with flexibility of use in a location that provides easy access to the city’s highways, bridges, airports and mass transit,” said Palmese. “The tax benefits that accrue to the site offer additional incentives to developers.