Timing right for $17m parking lot sale.A strategically-positioned 20,000 s/f parcel of land in Downtown Brooklyn at 203 Jay Street, currently a parking lot but fully zoned for residential development, has just traded for $17.6 million. Eastern Consolidated's Brian Ezratty, vice chairman, procured the purchaser, New York-based Amtrust Realty Corp., while Eastern's Alan P. Miller, director together with Louis Ricci, director, and Jeffrey B. Troy, senior director, exclusively represented the seller, Edison Properties, one of New York's leading owners of parking facilities, office buildings as well as Manhattan Mini Storage Manhattan Mini Storage (MMS) is a self storage company based in New York City, USA. It is the largest personal storage company in New York, and one of the largest in the United States. . "This sale was atypical for Edison," said Miller, "because we sold the fee at 203 Jay Street instead of doing a long-term ground lease, which is the way Edison has been disposing of its properties recently." The land enjoys a stellar location, situated between the Brooklyn and Manhattan Bridges, off Tillary Street and walking distance to Downtown Brooklyn. "Edison realized that, given the growing popularity of Brooklyn as a residential neighborhood, the timing was optimal to sell the parcel, and we were pleased to obtain a strong sales price commensurate with the burgeoning Brooklyn residential marketplace." The building is zoned to accommodate the construction of a +/- 130,000 s/f 20-story apartment building. Downtown Brooklyn accommodates branch locations for some of the City's leading corporate tenants including JP Morgan Chase, Verizon, KeySpan Corporation, Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Bear Stearns, HSBC, and Goldman Sachs, to name a few. As well, it is home to academic institutions including Long Island University, Polytechnic University, Brooklyn Law School History The school was founded in 1901 by William Payson Richardson and Norman Haffey. It opened with 18 students. The school is noted for its diversity. Photographs indicate that by 1909, African Americans and women attended the school. The school was affiliated with St. , Pratt Institute and New York City College of Technology New York City College of Technology (NYCCT), called New York City Technical College prior to 2002 and nicknamed City Tech, is the largest four-year technical school in the northeastern United States, and one of four colleges within the City University of New York . And culturally, institutions such as the Brooklyn Museum of Art Brooklyn Museum of Art, museum in the borough of Brooklyn, N.Y. Its predecessors were the Brooklyn Apprentices' Library (1823), the Brooklyn Institute (1843), and the Brooklyn Institute of Arts and Sciences (1890). , Brooklyn Botanic Garden The Brooklyn Botanic Garden (BBG) is a botanical garden located across from Prospect Park near Grand Army Plaza in Brooklyn, New York, USA. Founded in 1910, the 52 acre (210,000 m²) garden includes a cherry tree esplanade, a one-acre (4,000 m²) rose garden, a Japanese , New York City Transit Museum, and the Brooklyn Academy of Music Brooklyn Academy of Music, performing arts center located in the borough of Brooklyn, N.Y. and popularly known as BAM. Founded in 1859 and opened in 1861, it is the oldest such institution still in operation in the United States. are known the world over. Mitchell N. Baron, Esq of Morgan Lewis & Backius LLP represented the seller in the transaction, while Frederick Mehl, Esq. acted for the buyer. |
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