JLL Capital Markets arranged the sale of development site sells for $25 million

New York, NY JLL Capital Markets has completed the $25.5 million sale of a potential development site comprised of 358-376 Livingston St. and 60 Flatbush Ave., a 40,000 s/f mixed-use portfolio zoned for residential and commercial development.

JLL arranged the sale on behalf of the long-term owner, Livingston Street Realty Associates. The buyer was Brooklyn-based Goose Property Management.

The site represents an opportunity to develop up to 188,000 buildable s/f of mixed-use space. Situated in a highly visible corner within the Brooklyn Tech Triangle, the large, combined footprint of 15,743 s/f allows for a flagship development opportunity in a transit-heavy neighborhood.

The JLL Capital Markets team that handled the transaction included senior managing directors Stephen Palmese and Brendan Maddigan, managing directors Michael Mazzara, Winfield Clifford and Ethan Stanton and vice president Patrick Maddigan.

“The Brooklyn Tech Triangle has seen an influx of office, hotel and retail developments, making it the largest and fastest growing neighborhood in the borough, and home to an increasingly diverse and educated population,” said Palmese. “As the city continues to nurture this innovation economy, this site presents a powerful opportunity to support commercial or residential development.”