Real Estate
Home›Real Estate›Industry›CW Realty closes $58M purchase of Downtown Brooklyn pa…
CW Realty closes $58M purchase of Downtown Brooklyn parking facility
The 13,707 square foot site can support up to 164,000 square feet under the Universal Affordability Preference program, with development incentives and no height limits, according to JLL.
CW Realty Group has closed on the purchase of 55 Smith Street in Downtown Brooklyn, acquiring a parking facility for $58 million, Commercial Observer reports. The seller was New Jersey based Edison Properties, and the deal was previously under contract from December, according to the report citing brokers and public timing details.
Broker JLL said the lot spans 13,707 square feet and is one of the biggest residential development opportunities in the area. JLL Capital Markets also noted that developers can build 137,000 square feet as of right, or 164,000 square feet under the Universal Affordability Preference program, with no height limits and no parking requirements.
In remarks carried by Commercial Observer, JLL’s Mike Mazzara said the transaction highlights demand for well located development opportunities across New York City, especially in neighborhoods with strong residential fundamentals and supportive zoning. JLL added that the site offers scale and flexibility, and development is not restricted to rental housing or condominiums.
The company has not disclosed specific plans for the property, which also has an alternative address of 160 Livingston Street. Commercial Observer also reports CW Realty has the option to use the city’s 485-x program, which would allow it to benefit from reforms made under the City of Yes for Housing Opportunity.