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.”
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).