171,180-BSF development site in Brooklyn trades for $32.5M
JLL Capital Markets sells 171,180-BSF development site in Fulton Mall district
NEW YORK, May 19, 2021 — JLL Capital Markets announced today that it has completed the $32.5 million sale of 360-370 Fulton Street, a commercial development site with up to 171,180 buildable square feet in Downtown Brooklyn’s high-traffic Fulton Mall shopping district.
JLL represented the Modell Family and Weinstein Enterprises Inc. in the sale of the property to The Feil Organization.
The site offers more than 104 feet of retail frontage positioned at the intersection of at Fulton and Jay Streets, a location that sees more than 11,000 daily pedestrians. A popular destination for tourists, locals and area workers, Fulton Mall is the major shopping destination in Downtown Brooklyn. The surrounding Brooklyn Tech Triangle boasts hotels, universities, residential properties and national retailers mixed with dozens of popular restaurants, bars and nightlife spots.
The development site has extraordinary connectivity to transportation with multiple subway stations serviced by nine subway lines located within three blocks. 360-370 Fulton St. is one block from the Jay St-Metro Tech A, C and F subway station; two blocks from Hoyt Street 2 and 3; two blocks from the Borough Hall 4 and 5; and three blocks from the Fulton Street and Lafayette Avenue stations A, C and G trains. The property is 10 minutes to the LIRR and less than 10 minutes from Wall Street in Lower Manhattan.
The JLL Capital Markets team representing the seller included Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and Vice Presidents Patrick Madigan and Andrew Posil. JLL Director Jillian Mariutti provided financing guidance, and Senior Vice President Ryan Condren provided retail guidance.
“This site provides the opportunity for mixed-use development at the center of Downtown Brooklyn’s remarkable growth,” Palmese said. “The location benefits from proximity to abundant mass transit, powerful area demographics and dynamic neighborhood amenities.”
JLL 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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.