JLL Capital Markets has arranged the lease of a shovel-ready 450,000-square-foot development site at 356 Fulton St. in Downtown Brooklyn to Extell Development.
JLL marketed the site on behalf of the seller, The Feil Organization. The buyer intends to develop a rental apartment project on the site under the current Affordable New York program. The site was recorded at a $85.9 million valuation.
Situated at the corner of Fulton St. and Red Hook Lane in the Fulton Mall shopping district, the site was previously occupied by a Capital One bank branch. It was purchased by The Feil Organization in 2015 as part of a larger assemblage in a neighborhood that is being transformed with over 14,000 new residential units within a one-mile radius.
Feil recently completed demolition of the three-story structure that stood on the site and secured approved plans for a 43-story mixed-use tower with 363 residential units and 100,000 square feet of commercial space.
The JLL Capital Markets Investment Sales team representing the seller was led by Chairman Bob Knakal, Senior Managing Director Stephen Palmese and Brendan Maddigan and Managing Directors Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford.
