NEW YORK CITY – The Feil Organization has purchased a commercial development site in Brooklyn's Fulton Mall shopping district from the Modell Family and Weinstein Enterprises Inc. for $32.5 million.
Located at 360-370 Fulton St. at the intersection of Fulton St. and Jay St, the site spans 171,180 buildable square feet of space and offers more than 104 feet of retail frontage.
The property is situated near multiple subway stations.
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The JLL capital markets team, comprising vice chairman, Stephen Palmese, vice chairman, Brendan Maddigan; managing directors, Winfield Clifford, Michael Mazzara and Ethan Stanton, and VPs, Patrick Madigan and Andrew Posil, represented the sellers in completing the transaction.
"This site provides the opportunity for mixed-use development at the center of downtown Brooklyn's remarkable growth," states Palmese. "The location benefits from proximity to abundant mass transit, powerful area demographics and dynamic neighborhood amenities."
For the transaction, JLL director, Jillian Mariutti provided financing guidance and SVP, Ryan Condren provided retail guidance.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
