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Feil closes on Modell Family development site for $32M

JLL Capital Markets announced that it completed the $32.5 million sale of 360-370 Fulton Street, a commercial development site with up to 171,180 buildable square feet in Downtown Brooklyn’s Fulton Mall shopping district.

JLL represented the Modell Family and Weinstein Enterprises Inc. in the sale of the property to The Feil Organization.

The site offers more than 104 feet of retail frontage positioned at the intersection of at Fulton and Jay Streets, a location that sees more than 11,000 daily pedestrians.

The surrounding Brooklyn Tech Triangle boasts hotels, universities, residential properties and national retailers mixed with dozens of popular restaurants, bars and nightlife spots.

The development site has connectivity to transportation with multiple subway stations serviced by nine subway lines located within three blocks. 360-370 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.

STEPHEN PALMESE

The JLL Capital Markets team representing the seller included Vice Chairmen Stephen Palmese and Brendan Maddigan; Managing Directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and Vice Presidents Patrick Madigan and Andrew Posil. JLL Director Jillian Mariutti provided financing guidance, and Senior Vice President Ryan Condren provided retail guidance.

“This site provides the opportunity for mixed-use development at the center of Downtown Brooklyn’s remarkable growth,” Palmese said. “The location benefits from proximity to abundant mass transit, powerful area demographics and dynamic neighborhood amenities.”

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