Borough Developers Buys Site for 99-Unit DoBro Buildings
Borough Developers is ready to bring the next set of 99-unit buildings to New York City after buying a Downtown Brooklyn site.
Shimon Kleinman’s firm purchased the Bridge & Fulton Development Site from ICER Real Estate for $83.5 million, the Commercial Observer reported. The site consists of 485 Fulton Street, plus 147 Lawrence Street.
JLL’s Ethan Stanton, Michael Mazzara and Brendan Maddigan represented both sides of the transaction. Borough Developers also landed an $85 million acquisition and pre-development loan from BridgeCity Capital.
“The combination of scale, location and development flexibility made 485 Fulton particularly compelling,” Mazzara said in a statement about the deal.
Borough Developers could not be reached for comment by the Observer.
The developer filed plans last month for a 297-unit residential project in Downtown Brooklyn, featuring commercial and community space. The development is structured as three separate 99-unit buildings, a move likely intended to avoid the $40 wage floor triggered by the 485x tax abatement for projects with 100 or more units.
There is uncertainty about whether or not the project could be even bigger than first believed. The lender claimed the development will actually be 468 residential units; JLL said the number of units was still subject to change.
The development is being designed by Kao Hwa Lee Architects, which did not immediately respond to a request for comment.
Last May, Borough Developers signed a 99-year ground lease for a corner lot in Fort Greene, planning to build an 81,000-square-foot development with rentals and retail space.
The ground lease with John Mullins & Sons is valued at $139 million over its lifetime with an annual payment of $1.4 million. The development will replace a mixed-use property occupied by a nonprofit and a health club.
Elsewhere in Downtown Brooklyn, Steven Shi’s FBL Development filed plans late last year for a 30-story, 158-unit project at 245 Duffield Street, representing Shi’s first venture into the borough. The 100,000-square-foot project, on the site of a former Planet Fitness gym, will include 4,600 square feet of ground-floor retail space and residential amenities like a golf simulator, swimming pool, sauna and fitness center.
Read more
Developer planning trio of 99-unit buildings in DoBro
Steven Shi files plans for 30-story DoBro debut
Borough Developers continues Brooklyn spree with $139M Fort Greene ground lease
