The Real Deal New York

Feil acquires Downtown Brooklyn bank for $43M

Home of Capital One branch has more than 104K buildable sf of commercial space

December 30, 2015 05:50PM
By Rey Mashayekhi

356 Fulton Street Brooklyn

356 Fulton Street in Downtown Brooklyn (inset: Jeffrey Feil)

The Feil Organization acquired a three-story Downtown Brooklyn commercial building for $43 million, according to property records filed with the city Wednesday.

The Midtown-based real estate investment and development firm acquired the 28,000-square-foot building at 356 Fulton Street from Capital One, which currently occupies the property.

The property has nearly 87,000 buildable square feet of residential space and more than 104,000 buildable square feet of commercial space, according to sources with knowledge of the site. It is located on the corner of Red Hook Lane across from 1 Boerum Place.

A Feil Organization spokesperson declined to comment on the transaction. A Capital One spokesperson did not immediately respond to a request for comment.

Capital One inherited 356 Fulton Street through its $13.2 billion acquisition of Long Island-based North Fork Bank in 2006. The Downtown Brooklyn location was one of more than 40 New York City properties that Capital One acquired from North Fork for nearly $170 million, according to city property records.

North Fork itself acquired the Fulton Street bank through its $6.3 billion purchase of GreenPoint Financial Corp. in 2004. The location was one of 18 city properties that North Fork inherited from GreenPoint for nearly $22 million, records show.

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