The Real Deal New York

New renderings for Jenel’s Downtown BK office development

19-story building at 540 Fulton Street will feature three-level retail podium

May 23, 2016 02:28PM

Renderings of 540 Fulton Street

Renderings of 540 Fulton Street

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

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