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JLL brings Coney Island development to the market

2731 West 12th Street (Credit: JLL)

National Grid has hired JLL to market a 16-acre site with nearly 1.5 million buildable SF at 2731 West 12th Street in Coney Island, Crain’s first reported. The development site comes with an M3-1 zoning condition, making it ideal for a manufacturing facility or a power plant.

  • Dig Deeper: It’s in a qualified opportunity zone, and is eligible for a tax abatement under the Industrial and Commercial Abatement Program, which directly reduces the percentage of taxes paid for 15 to 25 years.
  • Environmental history: The site was once home to the Brooklyn Borough Gas Company, which produced heating gas there from 1908 until 1966, when the plant was decommissioned and subsequently demolished, Crain’s noted. The plant had dangerously contaminated the soil and groundwater around it, according to a city environmental review in 2001. The Brooklyn Union Gas Company took over Brooklyn Borough Gas and its assets in 2016. The city subsequently made the company clean up the area by the city’s Department of Environmental Conservation, which took more than two years.   
  • Brokers: JLL’s Stephen Palmese, Hall Oster, Brendan Callahan, Braedon Gait, Gabrielle Harvey, Teddy Galligan, Andrew Posil, and Jordan Yarboro are marketing the site. [Crain’s]

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