JLL has been hired by The National Grid to arrange the sale of a 16-acre land parcel at 2731 W. 12th St. in Brooklyn. Located in an Opportunity Zone and representing nearly 1.5 million buildable square feet, it’s one of the largest undeveloped tracts in New York City.
At one time, the property was home to the Brooklyn Borough Gas Works. Under current zoning, it can be utilized for a wide variety of manufacturing uses, and possibly commercial uses as well.
The JLL Capital Markets team overseeing the sale includes Stephen Palmese, Hall Oster, Brendan Callahan; Braedon Gait, Gabrielle Harvey, Teddy Galligan, Andrew Posil and Jordan Yarboro. The firm’s Max Herzog is overseeing capitalization.
“This is an extraordinary opportunity for investors seeking a truly large-scale development opportunity with flexibility of use in a location that provides easy access to the city’s highways, bridges, airports and mass transit,” said Palmese.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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