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.

[JMKeynes]

Mr. Kotter wouldn’t recognize this place.

[chris08876]

I hope we see 750 to 850 units.

I think they use to have a Salvation Army nearby on Fulton. I remember coming here back in the day. Was quite packed.

Originally Posted by JMKeynes

Mr. Kotter wouldn’t recognize this place.

Very true!

[JMKeynes]

[chris08876]

Demolition Progresses For Potential Skyscraper At 547-589 Fulton Street In Downtown Brooklyn

Demolition work is progressing at 547–589 Fulton Street in Downtown Brooklyn, the site of a proposed skyscraper. RedSky Capital, LLC is reported to be the developer of the triangular-shaped parcel, which is listed as “Fulton Mall” on its website. The plot was assembled and purchased for $104 million and is bound by DeKalb Avenue to the north, Flatbush Avenue Extension diagonally to the east, Fulton Street to the south, and Bond Street to the west. It’s unclear whether the tower is slated for residential or commercial use.

The below photos show the state of work at the site. The eastern end of the property has been cleared away, with 547–571 Fulton Street likely to follow suit soon. Most of these low-rise structures stand covered in scaffolding and netting, with the prominent exception of 571, which features an ornate red cast-iron façade. However, it is unclear whether these structures will indeed be demolished as part of the project, as an early report on The Real Deal from April 2017 asserted that 559, 563, and 571 Fulton Street are not part of the acquired assemblage.

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NYY

[NYguy]

https://www.brooklynpaper.com/downto...tion-pandemic/

ENTIRE DOWNTOWN BROOKLYN BLOCK FACES DEMOLITION DURING PANDEMIC





By Craig Hubert
January 25, 2021

A triangular block of buildings in Downtown Brooklyn is facing the wrecking ball.

Currently, 10 of the 16 buildings that are on the block, which fronts Fulton Street, Dekalb Avenue, Flatbush Extension and Bond Street, have been demolished. One of those buildings, located at the tip of the flatiron-shaped block at 547 Fulton Street, overlooking Albee Square, once prominently displayed a mural by the artist Steve “ESPO” Powers that said, “All I Need Is You and New Shoes.”

Fourteen of the lots are owned by RedSky Capital, who slowly acquired nearly the entire block starting in 2015, paying somewhere around $112 million to date.

Remaining on the block are three cast-iron Italianate storefronts, although two of them, located at 565 and 569 Fulton Street, are currently in the process of being demolished. Demolition permits were filed in December 2020 for the third, located at 571 Fulton Street.

Also remaining on the block are two buildings located at 559 and 563 Fulton Street, the latter of which is currently occupied by Duane Reade. They are owned by Barberry Rose Management, who told Brownstoner in July 2019 they had no plans to sell.

It’s unclear what current plans are for the multiple sites. RedSky lists a project called Fulton Mall on their website, but other than saying “coming soon,” no further information is provided. A rendering published by CityRealty in 2019 show what were at least tentative plans: a tower of roughly 50 stories, with a larger four-story base at the bottom and a rectangular shape that has been twisted at different parts in its elevation, breaking its uniformity and giving it a jagged look.

If built, the tower will join a cavalcade of soaring buildings in Downtown Brooklyn, including the 70-story supertall at 9 Dekalb Avenue, which is currently under construction across the street.

RedSky, which owns property all over the borough and wooed Apple to Brooklyn, appears to have fallen on hard times before the pandemic. They handed back to a lender in lieu of foreclosure part of their portfolio in Williamsburg, a combined 14 properties near North 6th Street and Bedford Avenue, valued at $145 million, according to The Real Deal. They still own the sprawling building on Bedford that contains Brooklyn’s first Apple store.

[NYguy]

https://www.instagram.com/p/CSopZpyrzwp/

[JMKeynes]

Downtown Brooklyn is among the biggest and best downtowns in the US.

https://newyorkyimby.com/2021/09/per...-brooklyn.html

[chris08876]

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

597,824 square feet and 592 residences!