Bridge & Fulton Development Site_Property for Sale

485 Fulton Street, Brooklyn, NY, 11201, US

Bridge & Fulton Development Site

Asset description

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the sale of the Bridge & Fulton Development Site, located at 485 Fulton Street and 147 Lawrence Street, Brooklyn, NY 11201 (the “Property” or “Site”). Located in the heart of Downtown Brooklyn, the Bridge and Fulton Development Site offers both scale and optionality. The Site boasts a 33,153 SF footprint on the northeast corner of Fulton and Lawrence Streets, and extends through to Bridge Street. With a total UAP ZFA of 356,369 SF, the Site is perfectly positioned to construct three sub-99-unit rental buildings along Fulton and Lawrence Streets, and one 156-unit condo building with frontage on Bridge Street. The rental buildings are set to benefit from the 485-X and City of Yes incentives, while the condominium project will be driven by strong fundamentals and deep market demand.

Residents will be able to enjoy convenient access to Lower Manhattan, reachable in under 10 minutes, and Midtown, accessible in under 25 minutes. The location is enhanced by its proximity to major subway stations, including Hoyt Street Station (2, 3 trains), a 1-minute walk away (200 ft.); Jay Street – MetroTech Station (N,R,W,A,C, F trains), a 2-minute walk away (0.1 miles); Borough Hall Station (4, 5 trains), a 5-minute walk away (0.2 miles), and Dekalb Avenue Station (B,D,N,Q,R, W trains), a 6-minute walk away (0.3 miles).

This Property presents a compelling investment opportunity within Downtown Brooklyn, a neighborhood characterized by robust growth. The area’s market dynamics are exceptionally favorable, as residential demand has considerably outstripped new construction over the past decade. Downtown Brooklyn’s retail environment is flourishing, attracting significant attention from major national brands seeking to capitalize on the area’s affluent and well-educated residents. The Site’s location provides convenient access to a wide range of prominent retailers, including Apple, Trader Joe’s, Equinox and Whole Foods. The combination of these factors—strong market fundamentals, excellent transportation links, a vibrant retail scene, and the Property’s inherent attributes—makes it a standout investment in one of Brooklyn’s most sought-after locations.

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Attributes

Building area gross

33,108 sm

Land area gross

3,080 sm

Zoning

C6-4.5 / R10 (DB)

Media

Investment highlights

Downtown Brooklyn Destination Concept

The Site’s preliminary plans envision a vibrant residential hub: three distinct rental buildings, each designed with under 99 units, alongside a stand-alone condominium building featuring 156 units. Each of the four buildings also contemplates approximately 13,000 square feet of prime retail space, poised to offer exceptional exposure for tenants and create a lively, community-focused atmosphere. This proposed blend of varied residential options and a significant retail presence aims to establish a premier destination within Brooklyn’s dynamic urban landscape.

Expansive Scale

With a 33,153 square foot footprint and the potential to construct up to 356,369 ZFA, the site offers the flexibility for a substantial four-building development. The Property boasts significant street frontage, with 135’-4” on Fulton Street, 170’ on Lawrence Street, and 100’ on Bridge Street, ensuring high visibility and accessibility within this dynamic neighborhood.

No Minimum Density Factor

Downtown Brooklyn benefits from no minimum density factor.

Height Increases

Height increases up to 235’ through the City of Yes.

Off-Site IH Air Rights

Purchase of Off-Site Inclusionary Housing Air Rights.

Plaza Bonus

6 to 1 FAR bonus ratio for every SF of Public Plaza built (min. 2,000 SF).

Transit Bonus

Up to 20% of additional FAR for qualifying public transit work.

Transfer of Landmark Development Rights

Through the COY the transfer of Development Rights from Landmark Sites can result in up to 20% FAR bonus for air rights transfer from Landmark properties (ZR 74-79).

Parking Waiver

No parking requirement within the Inner Transit Zone.