JLL Closes $80M Brooklyn Mixed-Use Development Land Recapitalization and Equity Capitalization

JLL Capital Markets has successfully 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. The Brodsky Organization, Avery Hall Investments, and Battery Global Advisors have joined forces to form a joint venture that will develop and operate the property. Scheduled for completion in 2025, this project will feature 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 a rooftop pool club with fitness center plus co-working spaces among others. JLL Capital Markets Advisory team was led by Christopher Peck along with Nicco Lupo and Jonathan Faxon who brought this deal to fruition.