US property developer Borough Developers has acquired a mixed-use development site in Downtown Brooklyn from ICER Real Estate for $83.5m (€73.2m).
In a transaction arranged by JLL, Borough Developers bought the Bridge & Fulton Development Site at 485 Fulton Street and 147 Lawrence Street.
The 33,153sqft site currently holds a 139,438sqft building and allows for up to 356,369sqft of zoning floor area, and Borough Developers plans to deliver a four-building development featuring ground-floor retail and upper-level residential space.
Michael Mazzara, capital markets managing director, JLL, said: “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.
“There are very few opportunities of this size in a neighborhood with this level of transit access, residential demand and established retail. The combination of scale, location and development flexibility made 485 Fulton particularly compelling.”
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