JLL Capital Markets has closed an $80 million land recapitalization and arranged equity capitalization for the development of a mixed-use community at 499 President Street in Gowanus, Brooklyn. JLL also organized a joint venture that will develop and operate the property, which includes The Brodsky Organization, Avery Hall Investments, and Battery Global Advisors.
The project is expected to be completed by 2025 with 262 market-rate units, 88 affordable apartments as well as 20,000 square feet of ground-floor retail space taking advantage of the Affordable New York Program. Building amenities include rooftop pool club facilities; fitness center; co-working spaces; among others. The JLL Capital Markets Advisory team was led by Christopher Peck along with Nicco Lupo and Jonathan Faxon.
