Borough Developers Acquires Downtown Brooklyn Site for $83.5M, Plans 468 Residential Units

Brooklyn-based Borough Developers has acquired a significant mixed-use development site at 485 Fulton Street and 147 Lawrence Street in Downtown Brooklyn. The firm purchased the 33,153-square-foot "Bridge & Fulton Development Site" from ICER Real Estate for $83.5 million. JLL brokered the transaction for both parties.

To finance the acquisition and pre-development, Borough Developers secured an $85 million loan from BridgeCity Capital. The site, which offers 350,000 buildable square feet, is slated for a substantial mixed-use project. While initial plans filed by Borough Developers co-founder Shimon Kleinman indicated three 99-unit residential buildings, likely to utilize the state’s 485-x tax abatement program, BridgeCity Capital stated the development is set to include 468 residential units, commercial space, and amenities across four buildings. The existing 139,438-square-foot building on the property will be demolished.

This sale highlights continued investor confidence in Downtown Brooklyn, particularly for large-scale housing developments in areas with strong transit access and residential demand. The project is located directly across from the former Macy’s department store, which is being redeveloped into a retail and entertainment complex.