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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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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 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).

  • ◦Development
  • ◦Sale/Acquisition