JLL arranges fourth development site sale in six months that will add 600 units of housing to Brooklyn neighborhood
News release
04 April 2024
Goose Property Management acquires Boerum Hill development site
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NEW YORK, April 4, 2024 – JLL Capital Markets announced today it has completed the $40 million sale of 268 Bergen St., a fully approved, 238,000-square-foot development site located blocks from the Barclays Center in Brooklyn’s Boerum Hill neighborhood.
JLL represented both the seller, New York based Dillon Realty Interests (DRI), and the buyer, Goose Property Management, which plans to develop the nearly full-block site as a mixed-use multi-housing property.
Situated in a transit-rich Brooklyn neighborhood between Nevins Street and Third Avenue, 268 Bergen St. is a former industrial manufacturing site that was rezoned by the city in 2022 to expand housing availability. The seller completed the Uniform Land Use Review Process (ULURP) and secured approval to build a residential/mixed-use project with a total floor area of up to 238,000 square feet across four buildings.
268 Bergen St. is located three blocks from the Atlantic Ave/Barclays Center subway station and Atlantic Terminal, where riders have access to multiple subway lines and the LIRR. Its central location provides easy access to all that Brooklyn has to offer, from weekly greenmarkets to art and cultural institutions.
The JLL Capital Markets team that arranged the transaction was led by Michael Mazzara, Brendan Maddigan, Ethan Stanton and Winfield Clifford. The deal marks the fourth development site sale arranged by JLL in the past six months that will bring over 600 units of housing to the neighborhood in new properties that will rise at 268 Bergen, as well as 110 Boerum Pl., 540 Atlantic Ave. and 888 Atlantic Ave.
“We are thrilled to complete another sale that will bring high-quality housing to the neighborhood,” said Mazzara. “Goose Property Management is an experienced local developer committed to improving our communities and creating much-needed affordable apartments.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.