FiDi Development Site Goes for $53M

JLL Capital Markets arranged the $53-million sale of 75–83 Nassau St., a development site located in Downtown Manhattan’s Financial District. JLL’s Andrew Scandalios, Ethan Stanton, Jonathan Hageman and Michael Mazzara represented the seller, New York-based investment firm Lexin Capital, and negotiated directly with the buyer, Fulltime Management and Montgomery Street Partners, which plan to build a large-scale mixed-use project on the site, one of Manhattan’s last 421a-vested land parcels.

Assembled over several years by the seller, 75–83 Nassau St. is located steps from the Fulton Street transit hub in FiDi and offers approximately 275,000 square feet of permitted zoning floor area, including 225,000 square feet of residential space. The buyer plans a residential-led tower that includes ground-floor retail and second-floor commercial space.

With vested tax incentives and zoning flexibility, the site could yield approximately 265 apartment units in one of Manhattan’s most transit-connected and rapidly evolving neighborhoods, according to JLL

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