New York & Tri-State | April 8, 2020

JZ, RedSky Seek $165M in Sale of Brooklyn Waterfront Site

JLL Capital Markets was selected by JZ Capital Partners Ltd. and RedSky Capital LLC to sell a development site at 1 Java St. on the Greenpoint waterfront in Brooklyn. The location offers a maximum development potential of 644,678 square feet. Asking price is $165 million.

The JLL team overseeing the assignment includes Bob Knakal, Stephen Palmese, Brendan Maddigan, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan. Christopher Peck and Peter Rotchford will provide financial advisory services.

“The 1 Java St. development site offers unique large-scale conversion or ground-up development possibilities,” Palmese said. “The property is located directly on the East River and overlooks Manhattan, securing unparalleled views for future residents.”

Developers may be eligible for tax benefits via the Voluntary Inclusionary Housing Brownfield Cleanup Tax Credits, the Industrial & Commercial Abatement Program, and the Food Retail Expansion to Support Health program.

Photo courtesy of JLL.

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About Paul Bubny

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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