55 Smith Street or 156-164 Livingston Street
JLL Capital Markets announced the $58.075 million sale of 55 Smith St., a residential development site in Downtown Brooklyn.
JLL represented the seller, Edison Properties, and negotiated directly with the buyer, CW Realty Group, which has yet to announce plans for the property.
Situated on a 13,707-square-foot corner parcel spanning Smith Street between Livingston and Schermerhorn streets, the property presents one of the largest remaining residential development opportunities in Downtown Brooklyn. The site, which carries the alternate address of 160 Livingston St., is currently occupied by a parking facility and zoned for a range of uses.
It features as-of-right development for approximately 137,000 square feet or 164,000 square feet under the Universal Affordability Preference (UAP). There is no height limit or parking requirement, as the property is located within the city’s Inner Transit Zone, and the site is eligible for the state’s 485-x affordable housing tax incentive as well as the City of Yes for Housing Opportunity initiative. The site also offers developers the flexibility to pursue rental, condominium or mixed-use residential development.
“This transaction demonstrates the strength of demand for well-located development opportunities across New York City, particularly in neighborhoods with strong residential fundamentals and supportive zoning,” said Mazzara. “The site offers a combination of scale, flexibility and development incentives in one of Brooklyn’s most dynamic neighborhoods.”
Located in the heart of Downtown Brooklyn, the property benefits from the 2004 rezoning that transformed the area into one of New York City’s prime mixed-use districts by encouraging residential, office, retail and academic development.