Updated Oct 29, 2024
Lendlease Acquires Development Site In Greenpoint, Brooklyn For $110M
1 Java St, Brooklyn, NY 11222, USA
$110,000,000
$170/SF
Building Size
644,678 SF
Asset Type
Development Site
Closing
Oct 6, 2020
About this deal
AI
The development site located at 1 Java Street in Greenpoint, Brooklyn has been sold in a closed transaction for $110,000,000. The property, which falls under the R6/C2-4, R6, R8 zoning, was acquired by Lendlease. The sellers of the site were JZ Capital and RedSky Capital. Brendan Maddigan, Ethan Stanton, Stephen Palmese, Winfield Clifford, and Michael Mazzara from JLL represented the buyer and seller in the deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $110,000,000
- Address: 1 Java Street
- Market: Greenpoint, Brooklyn
- Zoning: R6/C2-4, R6, R8
The involvement of Lendlease as the buyer marks a significant development in this transaction. The brokers from JLL, including Brendan Maddigan, Ethan Stanton, Stephen Palmese, Winfield Clifford, and Michael Mazzara, played a crucial role in facilitating the deal. Their expertise and negotiation skills contributed to the successful completion of this closed property transaction.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93