The Feil Organization has acquired a four-parcel development site at 360-370 Fulton Street in Downtown Brooklyn from the Modell family + Weinstein Enterprises for around $32.5 million, according to The Real Deal. The existing retail buildings along the Fulton Mall span a total of 30,651 SF, and feature an additional 140,570 SF of unused air rights.
Stitching together an assemblage over three decades: With the acquisition, the Feil Organization now owns almost every property on the block between Red Hook Lane and Smith Street. In total, the company has about 400,000 buildable SF on the block.
Location, Location, Location: The properties are located one block from the Jay St-MetroTech A C F subway station, two blocks to the Hoyt Street 2 3, and two blocks from the Borough Hall 4 5, which puts it 10 minutes away from Wall Street.
Thriving location: More than 11,000 pedestrians pass through Fulton/Jay Street daily. A popular destination for tourists and locals alike, Fulton Mall is the major shopping destination in the Downtown area. Hotels, universities, and nationally recognized brand name retailers are mixed between dozens of popular restaurants, bars and nightlife hotspots.
Negotiating through the press: The only piece missing is Samuel Jemal’s (AKA Jemstone Group) 372 Fulton Street, a building that’s home to the eatery Gage & Tollner. Feil said the company has no plans to acquire the landmarked property.
Brokers: JLL’s Bob Knakal and Stephen Palmese facilitated the sale. [TRD+JLL]