JLL represents Feil Organization in lease of shovel-ready multi-housing and retail site
News release
13 June 2022
Extell enters into ground lease on Brooklyn development site
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NEW YORK, June 13, 2022 – JLL Capital Markets announced today that is has arranged the lease of a shovel-ready 450,000-square-foot development site at 356 Fulton St. in Downtown Brooklyn to Extell Development.
JLL marketed the site on behalf of the seller, The Feil Organization. The buyer intends to develop a rental apartment project on the site under the current Affordable New York program. The site was recorded at a $85.9 million valuation.
Situated at the corner of Fulton St. and Red Hook Lane in the high-traffic Fulton Mall shopping district, the site was previously occupied by a Capital One bank branch. It was purchased by The Feil Organization in 2015 as part of a larger assemblage in a neighborhood that is being transformed with over 14,000 new residential units within a one-mile radius.
The site has extraordinary connectivity to transportation, with multiple subway stations serviced by nine subway lines, all located within three blocks. 356 Fulton St. is one block from the Jay St-Metro Tech A, C and F subway station; two blocks from Hoyt Street 2 and 3; two blocks from the Borough Hall 4 and 5; and three blocks from the Fulton Street and Lafayette Avenue stations A, C and G trains. The property is 10 minutes to the LIRR and less than 10 minutes from Wall Street in Lower Manhattan.
The Feil Organization recently completed demolition of the three-story structure that stood on the site and secured approved plans for a 43-story mixed-use tower with 363 residential units and 100,000 square feet of commercial space.
The JLL Capital Markets Investment Sales team representing the seller was led by Chairman Bob Knakal, Senior Managing Director Stephen Palmese and Brendan Maddigan and Managing Directors Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford.
“This site is ideally located amid extraordinary residential development and a growing number of Downtown Brooklyn office, hotel and retail developments,” Palmese said. “These developments will have an estimated $11 billion in economic impact, creating significantly increased demand for new housing, amenities, workspaces and retail.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Feil Organization
The Feil Organization is a private, established commercial real estate firm headquartered in New York City. A powerful force in real estate for over 65 years, the company ownsand operates a nationwide portfolio of over 24 million square feet of retail and commercial space, and over 5,000 residential rental units. The Feil Organization also maintains regional offices in Chicago, New Orleans, St. Petersburg, and on Long Island.