News: Brokerage

JLL completes $22.5 million sale; Tavros Cap. Partners and Charney Co. acquire three-lot assemblage

Brooklyn, NY JLL Capital Markets has completed the sale of a development opportunity at 251 Douglass St. in the Gowanus neighborhood for David Linn with The Galinn Fund LLC. Tavros Capital Partners and Charney Cos. acquired the property, which offers 37,000 buildable s/f, for $22.5 million.

The JLL professionals overseeing the sale include vice chairmen Stephen Palmese and Brendan Maddigan; and managing directors Ethan Stanton, Winfield Clifford and Michael Mazzara.

The development opportunity at 251 Douglass St. is a three-lot assemblage that spans 18,500 s/f. The property includes an existing, vacant 5,000 s/f brick structure. The three tax lots at 251 Douglass St. are located in a qualified opportunity zone. 

Per the recently released New York City Department of City Planning Gowanus zoning proposal, 251 Douglass St. is situated within M1(3)/R6A and M1(4)/R7X zoning districts, which would allow for upwards of 96,000 buildable s/f.

“As a result of the proposed rezoning, there continues to be significant interest from developers and owners alike in capturing tomorrow’s value, today,” Mazzara said. “The sale of these assets represents the transformation of Gowanus that will be realized in the future, happening now.”

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced