JLL closes $18.2 million sale of development site at 171 North 1st St. for Stanislaw Rys/Kevsta Inc.

Brooklyn, NY JLL Capital Markets closed the sale of 171 North 1^st Street in the Williamsburg neighborhood for Stanislaw Rys/Kevsta Inc. Gemini Rosemont Commercial Real Estate acquired the mixed-use development site for $18.2 million.

The lot at 171 North 1^st St. is situated midblock between Bedford and Driggs Aves. and includes a fully built, single-story, 13,867 s/f warehouse with 17-ft. ceilings and multiple curb cuts. The property offers more than 37,000 buildable s/f of developable rights or nearly 50,000 buildable s/f with 20% on-site or off-site affordable housing. The lot also features 200 ft. of frontage along North 1^st St. off of Bedford Ave., one of the borough’s strongest retail corridors. The development site is six blocks from the Bedford Ave. L Train Station.

The JLL professionals completing the sale for Stanislaw Rys/Kevsta Inc. include vice chairmen Brendan Maddigan and Stephen Palmese; managing directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and director Patrick Madigan.

“The development site at 171 North 1^st St. is in the most sought-after area of Williamsburg,” Maddigan said. “Residential rents in the neighborhood approach $75 per s/f, and condominium sales range from $1,400 to $1,700 per s/f, making this lot an ideal development opportunity for a mixed-use rental or condominium project.”