JLL closes the $80M land recapitalization and vertical equity capitalization for mixed-use development in Brooklyn
JLL Capital Markets group announced today that it has closed an $80 million land recapitalization and arranged the equity capitalization for the development of a mixed-use community located at 499 President Street in Gowanus, Brooklyn. The community will feature 350 luxury apartments and approximately 20,000 square feet of ground-floor retail.
JLL arranged the joint venture that will develop and operate the property. The joint venture is a partnership between The Brodsky Organization, Avery Hall Investments and Battery Global Advisors.
Upon completion in 2025, the nine-story development will feature 262 (75%) market rate units and 88 (25%) affordable apartments and be one of the final New York City developments constructed under the Affordable New York Program. Units will feature in-unit washers and dryers, galley kitchens, stainless steel appliances, walk-in closets, and private outdoor terraces in select units. Community amenities will include a rooftop pool club, state-of-the-art fitness center, extensive co-working space, a “speak easy” billiard lounge, and more. There will also be an approximately 10,000 square-foot, at-grade parking structure.
