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JLL has been exclusively retained to arrange the leasehold position for 295 Willoughby Avenue (the “Property” or “Site”), located along Willoughby Avenue between Taeffe Place and Kent Avenue in the Clinton Hill submarket of Brooklyn, New York. Situated in a R6B zoning district, the 15,906 SF site features 183’ of frontage on Willoughby Avenue allowing for the development of up to 43,428 ZSF as-of-right. 295 Willoughby Avenue provides a rare opportunity to develop a sizable luxury residential building in a burgeoning Brooklyn neighborhood.
Well-located within the Clinton Hill neighborhood, the Site provides convenient access to public transportation and Fort Greene Park. Within walking distance, residents of the Property can access the Classon Avenue and Franklin Avenue subway stations which provide service to the G, A, and C lines. Clinton Hill’s convenient access to mass transit and attractive rents draws a plethora of young renters and contributes to the neighborhood’s recent gentrification and desirability.
Attractive Development Opportunity: Extensive lot size and full frontage along Willoughby Avenue from Taeffe Place to Kent Avenue allow a developer to construct an efficiently designed building with an abundance of natural light and air.
Affordable Alternative: Clinton Hill provides an affordable alternative to higher priced submarkets that border the neighborhood including Williamsburg and Fort Greene. As rents in those neighborhoods continue to increase, demand for luxury rental product in Clinton Hill will also increase.
Less Than 30 Minutes to Manhattan: Residents of the Property can commute to Manhattan in less than 30 minutes via the Classon Avenue and Franklin Avenue stations. The area is also served by many buses including the B48, B54 and B38 all within a 5-minute walking distance.
Projected Market Rent Growth: Surging renter demand in Brooklyn, compounded by a shortage in supply, has generated extremely low vacancy rates and minimal concession levels in the market. In 2022, vacancy rates averaged less than 2%, with a projected average market rent growth of 6% in the next two years.