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North Brooklyn Site Slated for Co-Living Facility
JLL Capital Markets has completed the sale of a Brooklyn residential development site at 277 Lorimer St., also known as 555 Broadway, for Blesso Properties and Park-it Management. The Collective, a London-based developer/operator of co-living properties, acquired the property for $54.25 million.
JLL’s Brendan Maddigan and Ethan Stanton represented the seller in the transaction, along with James Nelson, now with Avison Young. “The five-lot assemblage unlocked more than 328,000 square feet of potential zoning floor area, making this the largest site to close in North Brooklyn since the Rheingold Brewery site sold in 2016,” said Stanton.
The project will be the largest of its kind in the city. “Co-living is fast becoming the preferred housing solution for people who want to live in a more convenient and connected way,” said Reza Merchant (pictured), CEO of The Collective. “We continue to be focused on acquiring new opportunities in New York City.”
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