Development Site in Brooklyn Tech Triangle Fetches $26M
JLL Capital Markets closed the $25.5-million sale of a potential development site spanning 358-376 Livingston St. and 60 Flatbush Ave., a 40,000-square-foot mixed-use portfolio zoned for residential and commercial development within the Brooklyn Tech Triangle. The site represents an opportunity to develop up to 188,000 buildable square feet of mixed-use space in downtown Brooklyn.
JLL arranged the sale on behalf of the long-term owner, Livingston Street Realty Associates. The buyer was Brooklyn-based Goose Property Management.
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 VP 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.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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