Lendlease pays $110.8M to RedSky for Greenpoint development site

Lendlease Development through the entity 1 Java Owner LLC paid RedSky Capital’s Stiles Properties, LLC $110.8 million for 131 West Street and 18 India Street in Greenpoint, Brooklyn. The deal closed on October 7, 2020, and was recorded on October 16, 2020. The transaction consists of 2 parcels, including the tax class fireproof warehouse (E1). The property is 103,000 square feet. The parcel(s) have total development potential of 1,647,768 square feet.
The average sale price per square foot is $67.

RedSky, London-based JZ Capital Partners and Stiles Properties sold the parcel. The signatory for Stiles was Kevin Moore and for RedSky and JZ it was Benjamin Bernstein.  JZ Capital announced in December 2019 that it sought to sell several properties. The signatory for the buyer was Melissa Burch, executive general manager of Lendlease.

The contract date was October 7, the same as the sale date. On September 3, the secured lender on the property, Seven Valleys Capital, sold debt totaling $57.5 million to SKW Funding.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 2 new building permit applications totaling 853,705 square feet. Those plans include a total of 771 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Melissa Burch