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JLL Closes $80M Land Recapitalization, Equity Capitalization for Brooklyn Mixed-Use Development
JLL Capital Markets has closed an $80 million land recapitalization and arranged equity capitalization for the development of a mixed-use community at 499 President Street in Gowanus, Brooklyn. JLL also arranged a joint venture that will develop and operate the property. The partnership includes The Brodsky Organization, Avery Hall Investments, and Battery Global Advisors.
The development, slated for completion in 2025, will comprise 262 market-rate units, 88 affordable apartments, and 20,000 square feet of ground-floor retail space, making use of the Affordable New York Program.
Building amenities will include a rooftop pool club, a fitness center, co-working spaces, and more. The JLL Capital Markets Advisory team was led by Christopher Peck, Nicco Lupo, and Jonathan Faxon.
