~86,300 Buildable SF for Mixed Use Development
570 Fulton Street
Closed 09/15/2015 at
I would like to be contacted:
TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 570 Fulton Street at the nexus of retail, culture, business and residential development, on the border of Downtown Brooklyn and Fort Greene
The property is located between Flatbush Avenue and Rockwell Place with 100 feet of frontage on Fulton Street, with zoning that allows for either ~71,920 Buildable Square Feet for a residential, retail, hotel, office or mixed-use, or up to ~83,600 Buildable Square Feet for an inclusionary multifamily development. There is an existing three story office building on the property that will be delivered primarily vacant with the termination rights for the existing 2,500 SF retail lease.
The downtown Brooklyn area attracted over $4 billion dollars of private investment to Downtown Brooklyn over the last decade, leading to the creation of 8 million square feet of new space including 5,000 new apartments, over 1,000 hotel rooms, and nearly 900,000 square feet of commercial space. Fulton Mall continues to set retail sales records on sales per square foot. The critical mass of new residents coupled by $400m in infrastructure upgrades and the creation of 10,000 new tech jobs, make Downtown Brooklyn a true destination.
As a result of the great recession and the residential rental boom that followed, there has been very little condo development in Brooklyn over the last few years. While there are approximately 13,000 residential units in construction in Brooklyn, of which it is estimated only 10% will be condominiums, the rest will be rentals. The lack of condo inventory created a surge in condo pricing over the last year and a need for quality condo units.
The property sits directly around the corner from the Nevins Street 2,3,4 & 5 subway station on Flatbush Avenue.
Since the 2005 rezoning, Downtown Brooklyn has been undergoing a complete revitalization with several large scale commercial and residential development projects including Barclays Center and Atlantic Yards (now Pacific Park, City Point and the quickly expanding BAM-downtown Brooklyn Cultural District). The Downtown Brooklyn area is also the third largest central business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the northwestern section of the borough of Brooklyn.