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NEW YORK CITY-A group of investors has paid Federated Department Stores $15 million for 408-16 Fulton St. and 420 Fulton St. The investors, including Jeff Sutton and Eli Gindi, plan to redevelop the 60,000 sf combined space into prime retail and office space. They hope to capitalize on its proximity to other major retail chains.

Robert K. Futterman & Associates brokered the deal on behalf of the owner. Barry Fishbach and David Rosenberg, executive vice presidents at RFK, served as the exclusive brokers in the transaction.

The six-story building at 420 Fulton St. is adjacent to Macy’s. Children’s Place, Duane Reade, Payless Shoe Source, Lane Bryant, Conway, Wilson’s and McDonalds are also near the property. The other property, 408-416 Fulton St., is a four-story building.

“Downtown Brooklyn is one of the strongest retail markets in New York City,” Fishbach says. “The buildings’ central Fulton Street location will be attractive to many retailers and they will be quickly filled by companies looking to expand to this busy shopping district.”

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