Greenpoint Waterfront Site Hits the Market Asking $165M

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A development site on the Greenpoint waterfront, that could offer close to 650,000 square feet of new space, has hit the market asking $165 million. 

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The block-long site at 1 Java Streets extends from the waterfront to West Street, and along Java and India streets, and is currently occupied by a one-story warehouse spanning 103,000 square feet. 

JZ Capital Partners and RedSky Capital are selling the site, which last sold for $84 million in 2009, according to property records. 

JLL’s Bob Knakal, Stephen Palmese, Brendan Maddigan, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan are marketing the site. Christopher Peck and Peter Rotchford, also of JLL, will advise on the financing. 

With so much frontage, the site is ideal for ground-floor retail, along with a residential component. It’s also adjacent to Greenpoint ferry station, which is located at the end of India Street.

“The 1 Java Street development site offers unique large-scale conversion or ground-up development possibilities,” Palmese said in a prepared statement. “The property is located directly on the East River and overlooks Manhattan, securing unparalleled views for future residents.”