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Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the equity recapitalization of 22 Chapel (the “Property” or “Site”), a 180-unit, new construction, residential apartment building ideally positioned at the crossroads of Brooklyn’s exploding Downtown and DUMBO neighborhoods. With 170,743 GSF above grade and delivery expected in late 2021, 22 Chapel will soon be one of NYC’s premier, new construction residential towers.
The property is being constructed pursuant to the 70/30 Affordable New York program, providing ownership with a 35 year 421a tax abatement that will substantially offset real estate taxes for the foreseeable future. The abatement will control the Property's largest cost in a time of great uncertainty. In addition, the property lies within a Qualified Opportunity Zone (“QOZ”) in the heart of Downtown Brooklyn. Its position in the QOZ and current construction timeline present an ideal scenario for an Opportunity Zone Fund to acquire an interest prior to delivery of the initial TCO (slated for Q4 2021). Accordingly, an OZ fund investor can realize the full benefits of the QOZ investment without assuming traditional development risk. The expected timing also bodes well for the initial lease-up, which will capitalize on the tremendous surge in post-pandemic rental demand expected to place upward pressure on rents throughout the balance of the recovery.
Irrespective of the OZ aspect, the building appeals to a large array of investors seeking to acquire a well-located, institutional-quality, multifamily tower located in the center of the Downtown Brooklyn Renaissance. Serviced by eight subway stations and ten subway lines within a half-mile radius, 22 Chapel provides superior commute times to Manhattan, while also lying inside the Brooklyn Tech Triangle. The Property is located in a transit-oriented neighborhood with favorable demographic trends, expanding retail options, and a burgeoning office market. This positions the well amenitized Property as an attractive opportunity for those seeking a high-quality, new construction asset with short and long-term value growth potential.
- QUALITY NEW CONSTRUCTION
- SUBSTANTIAL SCALE – 170,743 GSF / 20 STORIES / 180 APARTMENTS
- 35 YEAR 421A / AFFORDABLE NY TAX ABATEMENT
- OPPORTUNITY ZONE WITH PRE-TCO DELIVERY
- CROSSROADS OF DOWNTOWN BROOKLYN / DUMBO
- FULLY AMENITIZED
- IDEAL UNIT MIX FOR NEIGHBORHOOD DEMOGRAPHICS
- SUPERIOR TRANSPORTATION & COMMUTE TIMES
- STRONG NEIGHBORHOOD EMPLOYMENT & POPULATION GROWTH TRENDS
- PROVEN NEIGHBORHOOD RENTAL GROWTH
- WELL POSITIONED FOR POST-PANDEMIC RECOVERY