Borough Developers Acquires Sites in Downtown Brooklyn for $84M

Borough Developers has acquired two sites in Brooklyn from ICER Real Estate for $83.5 million, where it plans to develop a four-building residential complex with retail on the ground floor, according to a release. JLL Capital Markets’ Michael Mazzara, Ethan Stanton and Brendan Maddigan arranged the land sale.

The sites — located at 485 Fulton Street and next-door 147 Lawrence Street, at the intersection of those two streets in Downtown Brooklyn — have a combined 33,153-square-foot footprint, but the sites are zoned for as much as 356,369 square feet of future development.

“There are very few opportunities of this size in a neighborhood with this level of transit access, residential demand and established retail,” said Mazzara in a statement. “The combination of scale, location and development flexibility made 485 Fulton particularly compelling.”

Downtown Brooklyn is a top residential market in greater New York City. The submarket has absorbed in excess of 10,000 new units since 2014 and has maintained an average vacancy rate of 3.6 percent over the last 10 years, according to JLL.