Reliance Trust Company is the seller
RedSky Capital’s Ben Bernstein and Ben Stokes have acquired 571 Fulton Street in Downtown Brooklyn from Reliance Trust Company for $14.5 million. With this acquisition, RedSky adds another piece to its impressive assemblage on Fulton Street. This property allows for the additional development of 50,280 square feet.
Land costs… This pegs the total cost of the 14 piece assemblage at $118.5 million, allowing for the development of more than 435,480 SF. With the final two properties of the triangular-shaped block owned by Lewis Barbanel (559 and 563 Fulton Street), it should be interesting to see what happens.
Flashback: In 2017, RedSky refinanced the site with a $127 million loan from Apollo Commercial Real Estate.