50,280 BSF Development Site
571 Fulton Street
Closed 09/06/2018 at
$14,500,000 | $1,365 per SF
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The 24-foot-wide property is improved with a ~10,600 SF, two-story building and is situated within the Downtown Brooklyn Special Zoning District (C6-4/5-DB) which allows for the development of either ~50,280 FAR SF as of right for a retail, hotel and/or office, or ~41,900 FAR SF for retail and residential.
The block-through property has over 24 feet of frontage on the Fulton Mall, along with almost 30 feet of frontage on Flatbush and DeKalb Avenue. The existing two-story retail building on the property currently has one NNN-leased master tenant with two years remaining on the lease, with one five-year option that is significantly below market. The surrounding properties have all been purchased for future development.
The Fulton Mall is one of Brooklyn’s strongest retail corridors, home to strong national tenancy including Nordstrom Rack, H&M, Aeropostale, American Eagle, Banana Republic, Chase and more. One block to the west is City Point, the largest mixed-use project in Brooklyn. The 1.8 million SF center features 675,000 SF of retail space anchored by Target, Trader Joe’s, Century 21 and Alamo Drafthouse.
The property sits directly around the corner from the DeKalb Avenue (B, Q, R) and Nevins Street (2, 3, 4, 5) subway stations. The other major station in the neighborhood is Hoyt-Schermerhorn (A, C, G).