Extell Takes Over Brooklyn Development Site from Feil Organization
JLL Capital Markets arranged the lease of a shovel-ready 450,000-square-foot development site at 356 Fulton St. in Downtown Brooklyn, valued at $85.9 million, to Extell Development. JLL marketed the site on behalf of The Feil Organization.
Extell intends to develop a rental apartment project on the site under the current Affordable New York program. Feil had secured approved plans for a 43-story mixed-use tower with 363 residential units.
The JLL Capital Markets Investment Sales team representing the seller was led by chairman Bob Knakal, senior managing directors Stephen Palmese and Brendan Maddigan and managing directors Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford.
“This site is ideally located amid extraordinary residential development and a growing number of Downtown Brooklyn office, hotel and retail developments,” Palmese said. “These developments will have an estimated $11 billion in economic impact, creating significantly increased demand for new housing, amenities, workspaces and retail.”
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
