Morris Bailey’s JEMB buys Brooklyn lot for $38.5M

Site at Albee Square across the street from City Point

420 Albee Square and Morris Bailey
420 Albee Square and Morris Bailey

JEMB Realty picked up a Brooklyn parking lot with 185,000 buildable square feet for nearly $38.5 million.

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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