55 Smith Street

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the sale or ground lease of 55 Smith Street (the “Property” or “Site”), a prime development opportunity in the heart of Downtown Brooklyn. This strategically positioned Site, boasting a 13,707 SF footprint on the east side of Smith Street, offers approximately 137,070 ZFA (Standard) or 164,484 ZFA (UAP) for development, spanning the blockfront along Smith Street from Schermerhorn to Livingston Streets. 55 Smith offers optionality as a rental development, benefiting from 485-X and City of Yes incentives, or as a condominium project driven by strong fundamentals and deep market demand. The Site features two corners which offers the flexibility to create two discrete entrances, whether for a rental and condominium, or for two separate rental buildings, each falling under the 99-unit threshold.

The Property’s prime location in Downtown Brooklyn offers residents exceptional connectivity to coveted neighborhoods such as Boerum Hill, Cobble Hill, Carroll Gardens, Gowanus, Park Slope, Prospect Heights, and Fort Greene. 55 Smith is ideally located with unparalleled connectivity to Manhattan, the rest of Brooklyn, and the entire metropolitan area. Its prime location offers convenient access to Lower Manhattan, reachable in under 10 minutes and Midtown, accessible in under 25 minutes. The location is enhanced by its proximity to four major subway stations, Schermerhorn Street (A, C, & G trains), a mere 3 minutes away; Hoyt Street (2 & 3 trains), 5 minutes away; Borough Hall (4 & 5 trains), 6 minutes away; and Dekalb Avenue (B, D, N, Q, & R trains) 8 minutes away.

The Property benefits from strong and resilient market fundamentals, within a 0.5-mile radius the number of units delivered over the last ten years accounts for less than 50% of the net in-migrations. Furthermore, the Downtown Brooklyn retail landscape has seen a surge in interest from prominent national brands, drawn by the area’s demographic profile of well-educated residents with substantial disposable income. The neighborhood boasts an impressive array of retailers, including Apple, Trader Joe’s, Equinox, Target, Whole Foods, Lifetime Fitness, Soulcycle, among many others, all conveniently located within a 15-minute walking distance from 55 Smith Street. This combination of optionality, scale, excellent transportation links, strong market fundamentals, and a thriving retail scene positions the Property as an attractive investment opportunity in one of Brooklyn’s most dynamic neighborhoods.