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JLL has been retained on an exclusive basis to represent the sale of 570 Fulton Street, one of the last Affordable NY development sites in Downtown Brooklyn.
MULTIPLE DEVELOPMENT SCENARIOS
The site can accommodate a 44-story mixed-use building totaling 223,195 SF above grade. There are also plans for a 26-story as of right residential development with 114,852 SF above grade. Both plans offer the possibility of condo or rental execution for the residential components.
AFFORDABLE NEW YORK
570 Fulton is one of the last vested development sites in Downtown Brooklyn that will benefit from the 421a Tax Abatement. With the Affordable New York program set to expire in June 2022, all other future development projects will not benefit from the 35-year tax program.
• On the same block as the Nevins Street 2, 3, 4, 5 subway station, less than 15 minutes from Wall St.
• One block to Atlantic Avenue/Barclay’s Center 2, 3, 4, 5, B, D, N, Q, R and LIRR.
• Additionally, A, C, G trains are available three blocks away at the Fulton Street and Lafayette Avenue stations.
RAPIDLY EXPANDING MARKET
The Brooklyn Tech Triangle’s influx of office, hotel and retail developments are set to have a substantial economic impact with new construction residential rents achieving $80/SF in Downtown Brooklyn. 7,000 new residences are in the pipeline for Downtown Brooklyn, and will further contribute to increased foot traffic and sustained demand for new amenities, work space and retail.
570 Fulton is situated at the intersection of Flatbush Avenue and Fulton Street, two of Brooklyn’s most active streetscapes. The beginning of the Fulton Street Pedestrian Mall is directly across Flatbush Ave and is among New York City’s most active retail corridors. The immediate area is a popular destination for tourists and locals alike due to the Barclays Center, BAM, and Fort Greene Park among other attractions. Hotels, universities, and nationally recognized brand name retailers are mixed between dozens of popular restaurants, grocery stores, bars, and nightlife hotspots.