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 high-traffic 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 more than 14,000 new residential units within a one-mile radius.
The site has extraordinary connectivity to transportation, with multiple subway stations serviced by nine subway lines, all located within three blocks. 356 Fulton St. is one block from the Jay St-Metro Tech A, C an
