YS Developers Buys RXR’s 47 Hall Street at $40M Discount
By Mark Hallum April 29, 2026 9:33 am
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Brooklyn-based real estate development and general contracting firm YS Developers has scooped up a former industrial and office property in Clinton Hill, Brooklyn, at a $40 million discount from Scott Rechler’s RXR, Commercial Observer has learned.
Rechler’s firm bought the full-block, 2.6-acre development site at 47 Hall Street in 2016 for $161 million, according to property records. RXR has now sold the vacant, 550,000-square-foot development property to YS Developers for $121.4 million, according to a release from broker JLL.
But before parting ways with the 10-building assemblage — known as The Hall — between the Brooklyn-Queens Expressway and Flushing Avenue, RXR was able to get zoning approval for 650,000 square feet of new housing, which YS Developers plans to pursue, according to the brokerage.
JLL’s Ethan Stanton, Michael Mazzara and Brendan Maddigan arranged the sale.
RXR did not immediately respond to a request for comment, while JLL declined further comment. YS Developers could not be reached for comment.
The Brooklyn-based YS Developers is also working on another residential project at 960 Franklin Avenue in Crown Heights, with an expected completion date this year.
RXR originally bought the Clinton Hill property in a partnership with South Florida-based Westbrook Partners, with plans to renovate the building to lease to technology and creative tenants, but it is unclear whether they maintained a stake in the building.
Over the years, RXR executed a refinancing on the property, which originally served as a hub for Mergenthaler Linotype Company when it was still manufacturing printing presses in the late 19th century.
RXR took out a $118.16 million refinancing loan from Starwood Property Trust for both 47 Hall Street and 55 Clinton Place, retiring an older loan from Capital One.
The only known lease to take place in the building was for plasma donation service Olgam Life, which signed a five-year lease for 3,321 square feet in February 2022, but the company seems to have moved its Clinton Hill facility to 1104 Fulton Street since then.
By November 2022, the same year the building reopened, RXR said the property was 50 percent leased.
Mark Hallum can be reached at mhallum@commercialobserver.com.
