JLL Capital Markets announced today that it has completed the $54 million, off-market sale of the fee simple interest in a development site of approximately 330,000 buildable square feet at 555 Broadway in Williamsburg, Brooklyn.
JLL represented the seller, The Collective, and procured the buyer, a joint venture of The Loketch
Group, The Joyland Group and Meral Property Group. The buyer plans to develop a fully-amenitized, mixed-use rental project consisting of approximately 250,000 square feet of residential space. Additional retail space is planned. The project will utilize the Affordable NY Program (421-a).
The site shares the block with the Lorimer Street JMZ and the Broadway G subway stations, providing extraordinary access to Manhattan, Queens and Downtown Brooklyn. Two Citi Bike stations on both sides of the site offer convenient and versatile alternate transportation throughout the borough, while the nearby Brooklyn-Queens Expressway connects to major local thoroughfares.
“This is a transit-oriented site that enables us to accommodate strong demand for superior-quality rental apartments in Williamsburg,” said Pinny Loketch, Founder and Principal of The Loketch Group.
The JLL Capital Markets team representing both the seller and the buyer was led by Senior Managing Directors Brendan Maddigan and Stephen Palmese; and Managing Directors Ethan Stanton, Michael Mazzara and Winfield Clifford.
“555 Broadway offers not only scale but a clear pathway to build under the Affordable NY Program which is why we were able to execute this entire transaction in less than 60 days,” Stanton added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and
occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class
solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a
recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices i nnearly 50 countries.
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