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Downtown Brooklyn Development Site Fetches $84M
JLL Capital Markets arranged the $83.5-million sale of the Bridge & Fulton Development Site, a large-scale mixed-use development opportunity located at 485 Fulton St. and 147 Lawrence St. in Downtown Brooklyn. Borough Developers acquired the property from ICER Real Estate.
JLL’s Michael Mazzara, Ethan Stanton and Brendan Maddigan represented the seller and negotiated directly with the buyer.
“This sale speaks to the continued strength of investor conviction in Downtown Brooklyn and, more broadly, the value developers are placing on well-located sites where they can build housing at meaningful scale,” said Mazzara. “There are very few opportunities of this size in a neighborhood with this level of transit access, residential demand and established retail.”
Preliminary plans envision a four-building development comprising retail on the ground with residential above. The site is located within an Inner Transit Zone with no parking requirement and can benefit from additional development flexibility available through the City of Yes program.
- ◦Sale/Acquisition
