JLL Capital Markets arranges sale of two development sites in Crown Heights following recent area-wide AAMUP rezoning
News release
27 April 2026
Rezoned Crown Heights lots trade for $25M
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NEW YORK, April 27, 2026 – JLL Capital Markets announced today that it has arranged the $25.15 million sale of two residential development sites located at 1029 Dean St. and 1104 Pacific St. in the Crown Heights neighborhood of Brooklyn, New York. The transactions were completed in separate off-market deals.
JLL represented the sellers in both transactions and negotiated directly with the buyer, Brooklyn-based Castell Group and Montgomery Street Partners, who plan to build two large-scale residential projects on the properties.
Combined, the properties total over 129,000 ZFA and are currently occupied by commercial properties. The two assets are situated contiguously and are located within the Atlantic Avenue Mixed-Use Plan (AAMUP) rezoning that was approved by the New York City Council in 2024 to enable new housing, including affordable units, and promote mixed-use development along the Atlantic Avenue corridor.
The AAMUP rezoning reflects a broader shift in Central Brooklyn toward higher-density, mixed-use development, supporting the creation of new housing alongside commercial and community uses. Since it was rezoned in 2021, nearby Gowanus has emerged as one of Brooklyn’s most active development corridors, with thousands of new residential units, new infrastructure investment and significant private development activity, reinforcing the area’s appeal as a destination for new housing.
The JLL Capital Markets team was led by Mike Mazzara, Ethan Stanton and Brendan Maddigan.
Mazzara said, “We are in contract on a number of other sites in the neighborhood and AAMUP appears poised to be a big part of the next wave of residential development hub in Brooklyn. The area continues to see strong demand for housing, particularly when there is good access to transit and proximity to established employment and cultural hubs. These transactions underscore the importance of continued land use action to create additional housing opportunities across New York City.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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 WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.