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JLL Markets One of NYC’s Largest Parcels on Brooklyn Waterfront
JLL Capital Markets was retained by ownership to arrange for the long-term ground lease of a 16-acre, 870,000-buildable-square-foot waterfront commercial development site at 1776 Shore Pkwy., within a Qualified Opportunity Zone on the eastern shore of Gravesend, Brooklyn.
One of the largest undeveloped parcels in New York City, the property is situated within an M3-1 manufacturing district, enabling a variety of commercial and retail uses. Its location within a QOZ allows prospective tenants to both defer and substantially reduce capital gains tax liability.
The JLL overseeing the assignment includes senior managing director Brendan Maddigan; managing drectors Michael Mazzara, Ethan Stanton and Winfield Clifford; and vice chairman Stephen Palmese.
“The property benefits from a wide array of potential as-is uses, including industrial, parking, storage and retail,” said Mazzara. “With a lack of inventory of this scale, 1776 Shore Pkwy. is well positioned as a flagship location for one or multiple tenants.”
- ◦Sale/Acquisition
