New renderings for Jenel’s Downtown BK office development

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

New York /
May.May 23, 2016 02:28 PM

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(iStock/Illustration by Kevin Rebong for The Real Deal)
Manhattan landlords warehousing units in down market
Manhattan landlords warehousing units in down market
Durst Organization president Jonathan Durst and 1155 Sixth Avenue (Durst, Google Maps)
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Gov. Andrew Cuomo (Getty, iStock)
Cuomo ups restaurant capacity to 75%, but only outside NYC
Cuomo ups restaurant capacity to 75%, but only outside NYC
Quinn Residences' Douglas Caraballo with Houndswood Village in Durham, North Carolina and Drayton Park in Savannah, Georgia
Developer plans 8K rental homes in Southeast
Developer plans 8K rental homes in Southeast
The Real Deal's E.B. Solomont
Compass’ costs to scale, LinkedIn and Zynga founders to take Hippo public
Compass’ costs to scale, LinkedIn and Zynga founders to take Hippo public
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...