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Morris Bailey’s JEMB buys Brooklyn lot for $38.5M
Site at Albee Square across the street from City Point
JEMB Realty picked up a Brooklyn parking lot with 185,000 buildable square feet for nearly $38.5 million.
The lot at 420-428 Albee Square sits across the street from the City Point megadevelopment in Downtown Brooklyn. The Girard family owned it for years, while a parking operator held a long-term lease. CPEX brokers Sean Kelly and Timothy King represented the sellers in the deal, which closed at $205 per buildable square foot.
The buyer also owns 75 Broad Street, which gained new tenants in TV production company NorthSouth Productions and pasta company De Cecco earlier this year. — Mark Maurer