NEW YORK, June 7, 2023 -JLL Capital Markets group announced today that it has closed an $80 million land recapitalization and arranged the equity capitalization for the development of a mixed-use community located at 499 President Street in Gowanus, Brooklyn. The community will feature 350 luxury apartments and approximately 20,000 square feet of ground-floor retail.
JLL arranged the joint venture that will develop and operate the property. The joint venture is a partnership between The Brodsky Organization, Avery Hall Investments and Battery Global Advisors.
Upon completion in 2025, the nine-story development will feature 262 (75%) market rate units and 88 (25%) affordable apartments and be one of the final New York City developments constructed under the Affordable New York Program. Units will feature in-unit washers and dryers, galley kitchens, stainless steel appliances, walk-in closets, and private outdoor terraces in select units. Community amenities will include a rooftop pool club, state-of-the-art fitness center, extensive co-working space, a "speak easy" billiard lounge, and more. There will also be an approximately 10,000 square-foot, at-grade parking structure.
499 President Street is located at the border of Gowanus and Park Slope, which is surrounded by the brownstone neighborhoods of Boerum Hill and Carroll Gardens. Located within an Opportunity Zone, the development is part of the Gowanus rezoning and includes housing designated as affordable under New York's Inclusionary Housing Program. Residents will be one block east of the Gowanus Canal Waterfront, a five-minute walk from the Whole Foods Market, proximate to Washington Park and Prospect Park and less than three blocks from the neighboring eclectic dining and retail along the 5th Avenue corridor in Park Slope. The development is within walking distance of the 4th Avenue and 9th Street and Union Street subway stations, providing direct access to Atlantic Terminal, Manhattan and the outer boroughs.
The JLL Capital Markets Advisory team was led by Senior Managing Director, Christopher Peck, Director, Nicco Lupo, and Vice President, Jonathan Faxon.
"The recent rezoning has paved the way for the transformation of Gowanus from a predominantly industrial neighborhood to a vibrant new community of homes, open space and dynamic retail," said Peck. "499 President Street sits at the heart of that transformation, which positions the development to benefit from positive tailwinds in the multifamily housing market."
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 07 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2023 02:06:20 UTC.
