JLL Capital Markets announced that it arranged the $55 million sale of 441–467 Prospect Ave., a residential development site in Brooklyn’s Park Slope neighborhood. JLL represented Arrow Linen Supply Company in the sale and negotiated directly with the buyer, Goose Property Management. The site occupies two lots on the north side of Prospect Avenue between Prospect Park West and Eighth Avenue, and it offers 271,000 square feet of potential zoning floor area for residential development.
The property is a short walk from Prospect Park and the 15th Street–Prospect Park subway station. A spokesperson for Arrow Linen said the company has been proud to call Brooklyn its home since 1947, and that after the unexpected passing of its Chief Executive Officer and majority shareholder, the remaining shareholders elected to no longer be part of the site’s development. JLL’s Mike Mazzara, Ethan Stanton and Brendan Maddigan arranged the transaction.
The sale points to continued interest in Brooklyn residential development sites with meaningful zoning capacity, particularly in established neighborhoods such as Park Slope. The Arrow Linen spokesperson expressed confidence that the new team will bring badly needed homes, including affordable homes, to Brooklyn. JLL described itself as a leader in the New York tri-state commercial real estate market, with more than 2,700 industry experts offering brokerage, capital markets, property and facilities management, consulting, and project and development services.
What remains unknown from the announcement is the intended unit mix, affordability breakdown, construction timeline, or financing structure for the future development. The dossier also does not specify the closing date of the sale or whether any approvals or zoning changes are still required before construction can proceed.