$83.5M Brooklyn Development Deal Moves Ahead

Borough Developers purchased the 33,153-square-foot site at 485 Fulton St. and 147 Lawrence St. from ICER Real Estate. The $83.5 million deal, brokered by JLL Capital Markets, allows for a project of up to 356,369 square feet. Preliminary plans for the site include four buildings featuring ground-floor retail and residential units above.

The property is located in an Inner Transit Zone near multiple subway lines, exempting the developer from certain parking requirements. The site sits across from the planned BKX retail and entertainment complex at the former Macy’s building. This development follows a two-decade transformation of Downtown Brooklyn, which has added over 10,000 residential units since 2014 following a 2004 rezoning.

Summary by Dispatch AI — read the full story at Patch.