Borough Pays $84M for Brooklyn Site, Plans Community

Borough Developers has purchased the Bridge & Fulton development site at 485 Fulton St. and 147 Lawrence St. in downtown Brooklyn for $83.5 million. ICER Real Estate sold the parcel in a transaction arranged by JLL Capital Markets.

The new ownership plans to develop a four-building residential community on the site, with a 13,000-square-foot retail space on the ground floor. Three buildings will enclose for-rent apartments—each under 99 units—while the fourth one will feature 156 condominiums. The 33,153-square-foot site currently includes a 139,438-square-foot building and up to 356,369 square feet of zoning floor area.

The community will stand near multiple subway stations—including the ones on Jay and Hoyt streets—as well as in proximity to Columbus Park, a Trader Joe’s store and several eateries. Manhattan’s Financial District is 2.5 miles northwest.

JLL Capital Markets Managing Director Michael Mazzara, together with Senior Managing Directors Ethan Stanton and Brendan Maddigan worked on behalf on behalf of ICER Real Estate.

Downtown Brooklyn’s growing multifamily pipeline

There are several planned and prospective multifamily residential construction projects within 1 mile of Borough Developers’ future community, according to Yardi Matrix information. Noteworthy ones include The Feil Organization’s 299-unit development at 356 Fulton St. and Watermark Capital Group’s 115-unit prospective community at 188 Duffield St.

Also in proximity to Borough Developers’ site is Capstone Equities and BH3 Fund Advisors’ office-to-residential redevelopment of 141 Willoughby St. Earlier this week, the partnership received a $208 million construction loan for the 24-story tower.