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Extelll Development has acquired the lease of a downtown Brooklyn development site at 356 Fulton St.

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.” 

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JLL's Palmese

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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  • ◦Development
  • ◦Financing
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