CW Realty Acquires 55 Smith St. Development Site in Downtown Brooklyn for $58.075 Million in JLL-Brokered Deal
CW Realty has purchased a residential development site at 55 Smith St. in Downtown Brooklyn from Edison Properties for $58.075 million, with JLL Capital Markets arranging the sale, the firms announced Aug. 3, 2026.
JLL represented Edison Properties in the transaction and negotiated directly with CW Realty Group, which has not yet announced plans for the property. The deal gives CW Realty Group control of a 13,707-square-foot corner parcel spanning Smith Street between Livingston and Schermerhorn streets — also addressed as 160 Livingston St. — at a price that works out to roughly $4,237 per land square foot.
Site Details and Development Potential
The property is currently occupied by a parking facility and is zoned for a range of uses. As-of-right development capacity stands at approximately 137,000 square feet, expandable to roughly 164,000 square feet under the Universal Affordability Preference (UAP).
Because the site sits within New York City's Inner Transit Zone, it carries no height limit and no parking requirement. It is also eligible for the state's 485-x affordable housing tax incentive and the City of Yes for Housing Opportunity initiative. The zoning allows for rental, condominium, or mixed-use residential development, giving CW Realty Group flexibility to determine its approach based on capital market conditions and financing feasibility.
JLL's Capital Markets team that arranged the transaction was led by Mike Mazzara, Ethan Stanton, Brendan Maddigan, and Drew Isaacson.
"This transaction demonstrates the strength of demand for well-located development opportunities across New York City, particularly in neighborhoods with strong residential fundamentals and supportive zoning," said Mazzara. "The site offers a combination of scale, flexibility and development incentives in one of Brooklyn's most dynamic neighborhoods."
Downtown Brooklyn Market Context
Downtown Brooklyn was reshaped by a 2004 rezoning that encouraged residential, office, retail, and academic development, establishing the area as a major mixed-use district. Over the past decade, the neighborhood has absorbed more than 10,000 new residential units while maintaining an average vacancy rate of 3.6%.
The submarket's transit infrastructure is a key driver of residential demand. Four major subway stations are within walking distance of the site, offering direct access to Lower Manhattan in under 10 minutes and to Midtown in under 25 minutes. The location also puts future residents near Boerum Hill, Cobble Hill, Carroll Gardens, Fort Greene, Gowanus, Park Slope, and Prospect Heights.
The presence of national retail and fitness tenants — including Apple, Trader Joe's, Whole Foods, Target, Equinox Capital Partners, Lifetime Fitness, and SoulCycle — reflects continued commercial activity in the neighborhood.
Broader Investment Context
The transaction reflects continued buyer appetite for land in transit-oriented, supply-constrained New York City neighborhoods where zoning flexibility and tax incentives improve project feasibility. The combination of scale, no height restriction, affordability-policy alignment, and proximity to multiple transit lines positions 55 Smith St. as one of the more versatile remaining development opportunities in Downtown Brooklyn.
Sources: JLL Newsroom — Downtown Brooklyn development site trades (Aug. 3, 2026)