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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield and JRT Realty Group Arrange Sale of Boerum Hill Development Site
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Monday, December 10, 2012
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Brooklyn, NY
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The Carlyle Group purchases prime 27,582-sf Brooklyn development site at 71 Smith Street; site allows for a 311,801-sf mixed-use project to be built.
Cushman & Wakefield and JRT Realty Group, Inc. announced today that they have sold a 27,582-square-foot former parking lot at 71 Smith Street, between Schermerhorn and State Streets. The property, which sold for $38.5 million, was owned by a partnership comprising Abby Hamlin of Hamlin Ventures, and Francis Greenberger of Time Equities. The purchaser, Carlyle Group, is considering a hotel and high-end residential development for the site.
Located in a mixed-zone area near NYU Polytech and the Barclay Center in Brooklyn’s desirable Boerum Hill neighborhood, the site allows for a 311,801-square-foot mixed-use project to be built with up to 206,530 square feet for residential use and another 105,271 square feet for commercial use.
A Cushman & Wakefield NY Capital Markets team that included Nat Rockett, Helen Hwang, Karen Wiedenmann, and Steve Kohn, along with Ellen Israel, a JRT Realty Group Senior Director, marketed the property on behalf of the owners. In addition, the C&W team arranged the acquisition financing to the Carlyle Group.
“Because this was a strong team effort, we were able to sell the parcel in a matter of months,” points out Ms. Israel. “The location is in the heart of a robust retail corridor and well-established residential neighborhood, which makes it especially desirable, as does its proximity to great public transportation.”
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
About JRT Realty Group, Inc.
Founded in 1996 by Jodi Pulice, JRT Realty Group, Inc. is the nation’s largest certified Minority/Woman-owned commercial real estate company. Under the stewardship of Ms. Pulice, an accomplished broker and consultant with more than 30 years of experience, JRT Realty in known for its talented team of office, industrial and sales specialists, who perform on a national platform. Headquartered in New York and California, JRT Realty Group has a long-standing strategic alliance with Cushman & Wakefield and is known for the comprehensive breadth of services it provides clients, ranging from leasing and sales to property and asset management – and all with the benefits of working with a certified Minority/Woman-owned Business Enterprise.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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