1079 Fulton Street, Brooklyn, NY, 11238, US

1079 Fulton Street

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 1079 Fulton Street, a ~26,000 square foot multifamily building in Brooklyn’s Clinton Hill neighborhood. The Property features 30 apartments and ground floor retail. It is exceptionally well maintained, offering high-quality in-unit finishes including washer/dryers, stainless steel appliances, hardwood flooring, and individual HVAC units. Select units also boast private outdoor spaces.

The Property’s unit mix comprises 3 studios (10%), 15 one-bedrooms (50%), and 12 two-bedrooms (40%). This diverse range caters to various renters, from young professionals to small families, providing flexibility for the next owner. The Property currently carries 8,428 BSF of unused air rights, presenting a valuable opportunity for future development. With approximately 118 ft of frontage along Fulton Street, there’s potential to significantly expand the retail space, enhancing the property’s commercial appeal and value.

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Attributes

Year built

2005

Number of units

Rentable area

1,957 m²

Media

Investment Highlights

Recently Renovated Luxury Asset: 1079 Fulton Street has recently undergone a comprehensive gut renovation. The extensive overhaul included new electrical systems, plumbing upgrades, new elevator, a refreshed façade, and condo-level finishes throughout all units.

Available Air Rights: The Property presents a unique value-add opportunity with 8,428 BSF of unused FAR. A new buyer can strategically utilize these additional air rights to expand the Property’s retail footprint along Fulton Street without disrupting residential tenants. Increasing the commercial square footage aligns with the area’s growing appeal to national brands, as evidenced by Chipotle and Shake Shack recently signing leases just blocks away.

Convenient Access to Mass Transit: The Property is just one block from the Franklin Avenue station (A / C trains), and 0.4 miles from the Classon Avenue station (G train), allowing residents to reach Manhattan in under 30 minutes. The B25 and B26 bus lines also stop within a block of the property.