JLL Capital Markets announced the sale for $25. 5 million of a possible progression consisting of 358-376 Livingston St. and 60 Flatbush Ave. , a 40,000-square-foot mixed-use portfolio divided into zones for residential and advertising promotion in Brooklyn.
JLL arranged the sale on behalf of former owner Livingston Street Realty Associates. The client Goose Property Management, based in Brooklyn.
It represents an opportunity to expand up to 188,000 buildable square feet of mixed-use area in downtown Brooklyn. Located in a very visual corner of the Brooklyn Tech Triangle, the combined giant footprint of 15,743 square feet allows for an opportunity for iconic progression in a community heavily frequented through public transportation.
Currently occupied through several pre-war mixed-use buildings, it’s a 10-minute walk from Fulton Mall and surrounded by nationally recognized brand retailers, popular restaurants, bars and nightlife venues, hotels, and schools. With just over 10 subway lines and the LIRR, it makes it easy to reach Manhattan’s financial district and midtown Manhattan in less than 30 minutes.
The JLL Capital Markets team that controlled the transaction included senior managers Stephen Palmese and Brendan Maddigan, Michael Mazzara managers Winfield Clifford and Ethan Stanton and vice president Patrick Maddigan.
“The Brooklyn Tech Triangle has noticed an influx of office, hotel and retail developments, making it the largest and fastest-developing community in the county, and home to an increasingly varied and knowledgeable population,” Palmese said. “As the city continues to nurture in this innovation economy, this site presents a difficult opportunity for advertising or residential development. “