NEW YORK | 589 Fulton Street (The Brook) | 601 FT | 52 FLOORS

[chris08876]

RedSky zeroing in on DoBro site with 330K sf

After more than two years of dealmaking, RedSky Capital is one transaction away from assembling a nine-building Downtown Brooklyn development site offering 330,000 buildable square feet.

The Dumbo-based investment firm’s latest purchase was a three-story, mixed-use building at 585-587 Fulton Street for $13 million, according to property records.

Of the nine contiguous, low-rise properties on a triangular strip along Fulton Street between DeKalb and Flatbush avenues, RedSky now owns all but one. The firm started assembling the parcels in November 2012, and to date has shelled out $63 million for parcels that collectively boast about 280,000 buildable square feet.

The one remaining building is a four-story structure at 571 Fulton Street with more than 50,000 buildable square feet. If RedSky were to acquire the property, currently owned by private Greenpoint-based investor Jackson Ma, the assemblage would include 565-591 Fulton Street and 396 Flatbush Avenue Extension.

All of the properties contain a retail component. Some retail rents along the nearby Fulton Street Mall, for example, exceed $200 per square foot. RedSky, led by Ben Bernstein and Ben Stokes, secured a $2.6 million mortgage for the eight buildings last month. Representatives for RedSky could not be immediately reached for comment. There are no plans filed with the Department of Buildings. However, in December, Levy Real Estate’s Jennifer Markowitz, former owner of 579 Fulton Street, filed plans to demolish floors three through five of the building.

Over in Park Slope, RedSky and partner Megalith Capital Management sold two rental buildings for $37 million, or $811 per square foot, earlier this month, as TRD reported. RedSky is also making a big bet on Williamsburg retail, developing two pure-play retail properties on Bedford Avenue.

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http://therealdeal.com/blog/2015/07/....uaMZloF7.dpuf

[JR Ewing]

There are some nice buildings on the Fulton St side, but the more prominent Flatbush side is disgusting. I welcome this development. As this site is physically huge, I assume that it will have a huge retail component. Therefore, I doubt that the tower will exceed 750'.

[chris08876]

Hopefully some nice retail can occupy the future structure. I'd like to see some high class retail there. Some places in DoBro shopping wise are just trashy.

[dumbo]

i'm just hoping the BK skyline gets some decent architecture.

[PeterQM]

First Peek at RedSky's Brooklyn Skyscraper Coming to Fulton Street
July 5, 2017
https://www.cityrealty.com/nyc/marke...n-street/12303

Over the past several years, RedSky Capital has assembled an enormous development site along Downtown Brooklyn’s Fulton Street. According to an April story from The Real Deal, the lots include 12 of 15 buildings along Fulton
Street, from 547-553 and 573-591, and a thirteenth building at 396 Flatbush
Avenue Extension. Many of the Fulton Street buildings extend through the
block to Dekalb Avenue, meaning that the Brooklyn-based firm has nearly
secured the entire semi-triangular block.

[IMG][/IMG]

More info and images in the post here.

[chris08876]

At least 50 floors sounds promising. Might be closer to 700 ft with mechanical. Just a guesstimate. Maybe with a large base/lobby area, could be 740 ft.

[mrnyc]

its been obvious that this very prominent grouping was being bought up and held for many years now. say goodbye to the last of the colorful retail era of the fulton mall.

[Submariner]

Goodbye and good riddance.

[NYguy]

Originally Posted by Submariner

Goodbye and good riddance.

I actually liked Fulton Mall.

[chris08876]

Credit: JC_Heights

[JMKeynes]

Is there an annotated diagram, photo, or something which shows all of the properties that will be razed?

There’s a lot of crap on Fulton, but there’s some nice stuff too.

I welcome the destruction of this fecal matter.


P.S.: is all of Fulton from Flatbush to Bond coming down? I was just looking at this on Google Maps. That would be a gift from our Lord.

[chris08876]

547-589 Fulton Street. 571 Fulton was added two years ago.

559/563 Fulton are remaining. Not sure if they were bought or if the owners decided to sell.

[chris08876]

Updated title: NEW YORK | Fulton Street Assemblage (RedSky)| 575 FT | 52 FLOORS

597,824 square feet and 592 residences!

[JMKeynes]

Chris, do you know how much of that crappy block the developer wound up acquiring? Also, do you know what's planned for the putrid garbage across the street from this site on Fulton?

[chris08876]

Originally Posted by JMKeynes

Chris, do you know how much of that crappy block the developer wound up acquiring? Also, do you know what's planned for the putrid garbage across the street from this site on Fulton?

It was 360-370 Fulton Street if I recall.

Haven't heard word yet.

There's some projects floating around but as of those parcels near 589 Fulton Street, they will be snatched up in time. 360-370 Fulton Street is up for redevelopment.

[chris08876]

547-557 and 559-589 Fulton Street were acquired.

547-557 Fulton being the other properties.

[JMKeynes]

Originally Posted by chris08876

547-557 and 559-589 Fulton Street were acquired.

547-557 Fulton being the other properties.

[NYguy]

https://nypost.com/2022/06/12/develo...town-brooklyn/

The Brook’s developers beat tax-break deadline to squeeze high-rise into downtown Brooklyn


By Steve Cuozzo
June 12, 2022

Just in time to beat the expiration of the state’s 421a tax-abatement program, developer Steven Witkoff and Apollo broke ground last week on The Brook, a 600-foot-tall rental apartment tower at 589 Fulton St. in downtown Brooklyn’s Albee Square area. The building will have 591 apartments and 42,000 square feet of retail space.

The 421a program, which offers residential developers certain tax abatements for providing affordable housing units, ends on June 15 — to the dismay of real estate developers and to many proponents of affordable housing construction. To realize a 35-year tax benefit, 30 percent of the Brook’s units will be affordable and spread throughout the building. The first move-ins are scheduled for late 2024.

The tower designed by Beyer Blinder Belle also boasts 30,000 square feet of indoor and outdoor tenant amenities. It is next door to 555 Fulton St., the planned glass-wrapped, low-rise retail building also by Witkoff and Apollo at the wraparound corner of Fulton Street, DeKalb Avenue and Bond Street.

[mrnyc]

Welcome back
Your dreams were your ticket out
Welcome back
To that same old place that you laughed about

Well, the names have all changed
Since you hung around
But those dreams have remained
And they've turned around

Who'd have thought they'd lead you
(Who'd have thought they'd lead you)
Back here where we need you?
(Back here where we need you?)

Yeah, we tease him a lot
'Cause we got him on the spot
Welcome back

Welcome back, welcome back, welcome back
Welcome back, welcome back

[JMKeynes]