Buyer planning large-scale mixed-use tower at 75-83 Nassau St.
News release
07 January 2026
JLL Capital Markets arranges $53M sale of Lower Manhattan development site
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NEW YORK, Jan. 7, 2026 – JLL Capital Markets announced today that it has arranged the $53 million sale of 75–83 Nassau St., a development site located in the heart of Downtown Manhattan’s Financial District.
JLL 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.
The JLL Capital Markets team that arranged the sale was led by Andrew Scandalios, Ethan Stanton, Jonathan Hageman and Michael Mazzara.
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. In its Q3 2025 Multi-Housing investment analysis, JLL reported effective rents across Manhattan exceed $4,450 per unit while vacancy remains tight at approximately 2.5%, reflecting sustained demand for well-located residential product.
In Lower Manhattan, new supply has moderated as construction starts and permitting have declined materially over the past year, further supporting rent growth and long-term fundamentals.
JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.