Last month, The Real Deal first reported that the Dushey family’s Jenel Management is planning a new 19-story office building on the former site of a retail strip in Downtown Brooklyn.
Now come new renderings of the planned glass-and-metal development at 540 Fulton Street, near the corner of Flatbush Avenue Extension, courtesy of Excel Property Consulting’s website.
The 174,000-square-foot building will feature a three-story retail podium occupying its cellar, first and second floors, and 17 floors of office space on top, Curbed reports – in line with plans laid out in Department of Buildings permit applications filed by Jenel Management in April.
The Marvel Architects-designed project will rise on the site of a two-story, 26,000-square-foot retail strip that Jenel demolished last year and will be the latest development to cater to the growing demand for office space in Brooklyn – with Downtown Brooklyn, in particular, experiencing city-low vacancy rates.
According to Excel’s website, Midtown-based Jenel purchased neighboring air rights to increase the square footage of the site, which it acquired in 1981. Excel arranged for a $25 million short-term bridge loan to fund the air rights acquisition, as well as tenant buyouts and other pre-development costs. [Curbed] – Rey Mashayekhi