Another Development Site on Fulton Mall Sells

Two vacant, mixed-use buildings on the Fulton Street Mall have sold for $12,750,000 in an all-cash deal, and could potentially be torn down to make way for a new development of about 90,000 square feet, broker Highcap Group announced. The sellers of 565 and 569 Fulton Street were Daniel Barhak and Ezra Nasser; the buyer asked to remain anonymous. The two properties are zoned for residential, offices or hotel. The price works out to approximately $142 per buildable square foot, according to Highcap. Citing a revitalized retail scene in the downtown area, Highcap broker Josh Goldflam said: “There has been a surge of activity in this immediate area as far as acquisitions of older and aging property stock, which will pave the way for new condominium and rental buildings, and attract a higher grade of retail and residential tenancy to the area. There are already many national and regional retailers in the immediate vicinity, but we will begin to see more high-end retailers start to look towards Downtown Brooklyn instead of opening up a second Manhattan location. That will drive the typical Manhattan condo buyers who are being priced out of their neighborhoods to start looking for better values and views by crossing over the bridge.”