500 Kent Ave., Brooklyn, NY
NEW YORK CITY—Con Edison has sold a 2.65-acre commercial development site at 500 Kent Ave. in the South Williamsburg area of Brooklyn for $50 million. The plot comes with up to 230,500 buildable square feet. Located in an M3-1 zoning district, the development site can be used for a wide range of commercial development projects including retail, office space, light manufacturing and mixed-use. The lot has 648 square feet of frontage along Kent and Division avenues and allows for waterfront and Manhattan views.
The buyers are listed as 500 Kent LLC. The Real Deal has reported the buyers are a partnership including Tomas Rosenthal's Hampshire Properties.
JLL announced the deal, and stated it closed on March 15, 2019. Brokers Steve Palmese, Brendan Maddigan, Michael Mazzara and Ethan Stanton represented Con Edison in the sale. JLL has declined to disclose additional information on the buyer's identity. However, the brokerage firm stated an office development is planned for the property.
A Nov. 21, 2017 affidavit signed by T. Andrew Behymer at Cushman & Wakefield states Con Edison selected bidders in 2016 and in February 2017 elected to proceed to negotiations with Rabsky Group. The document states the negotiations between Con Edison and Rabsky Group culminated in the execution of the purchase and sale agreement with 500 Kent LLC, a nominee of Rabsky Group, dated May 2, 2017. Neither Cushman & Wakefield nor Con Edison provided additional information regarding the identity of 500 Kent LLC.
A Commercial Observer article dated Sept. 22, 2016 had reported that Steve Palmese then at Cushman & Wakefield was marketing the 500 Kent Ave. development site with colleagues Brendan Madigan and Andrew Behymer, also at Cushman & Wakefield.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
