YS Developers and Rabsky Group acquire 1150 Broadway site for $23.5 million

Brooklyn, NY JLL Capital Markets arranged the $23.5 million sale of 1150 Bdwy., a residential development site in Bedford-Stuyvesant.

JLL represented the seller, A-PLUS International Realty, and negotiated directly with the buyers, Brooklyn-based YS Developers and Rabsky Group.

Situated at the crossroads of Bedford-Stuyvesant and Bushwick, the 26,730 s/f corner site is zoned for a mixed-use building with apartments, local retail and community facilities. Under the City of Yes for Housing Opportunity program, it offers up to 133,917 s/f of as-of-right zoning floor area. The property also sits within a federally designated Qualified Opportunity Zone and is eligible for the 485-x tax abatement program, giving the buyer access to a 35-year property tax exemption while eliminating parking requirements.

Improved by six store-fronts and a parking lot, 1150 Bdwy. is located on the south side of Bdwy. in front of the entrance to the Kosciuszko St. J train station, offering a 20-minute commute to Lower Manhattan and access throughout Brooklyn and Queens.

The site features 475 ft. of wraparound frontage along Lafayette Ave., Kosciuszko St., Kossuth Pl. and Bdwy., one of the neighborhood’s primary commercial corridors, with a mix of dining, shopping and entertainment options.

JLL’s Capital Markets team that arranged the transaction was led by Brendan Maddigan, Steve Rutman, Mike Mazzara and Ethan Stanton.

“Sites with this much frontage, this level of zoning flexibility and direct subway access rarely come to market in Brooklyn, and our marketing process generated significant interest from developers looking to establish a presence in the neighborhood,” said Maddigan. “YS Developers and Rabsky Group have a clear path to deliver a large-scale residential project with an attractive long-term position.”

“We’re seeing capital flow back toward development opportunities where buyers can underwrite with confidence,” said Rutman. “Sites that combine as-of-right zoning, favorable tax incentives and exceptional transit access are generating some of the strongest interest in today’s land market.”

Bedford-Stuyvesant continues to be one of Brooklyn’s fastest-evolving neighborhoods, benefiting from strong renter demand from residents seeking more affordable alternatives to higher-priced Brooklyn submarkets, a limited pipeline of new development and excellent transit connectivity.