RedSky adds 571 Fulton Street to massive DoBro development site

Company purchased parcel for $14.5M

TRD New York /
Sep.September 13, 2018 01:01 PM

RedSky Capital’s Ben Bernstein and 571 Fulton Street in Brooklyn

RedSky Capital has officially added another property to its massive Fulton Street development site.

The firm has purchased 571 Fulton Street in Downtown Brooklyn from Reliance Trust Company for $14.5 million, according to TerraCRG. The company’s team of Ofer Cohen, Dan Marks, Daniel Lebor and Mike Hernandez marketed the property for the sellers.

The site is part of a Downtown Brooklyn assemblage that RedSky, led by Ben Bernstein and Ben Stokes, has spent more than $100 million and four years putting together. It includes more than a dozen buildings on Fulton Street, along with a building at 396 Flatbush Avenue Extension.

The Fulton Street properties span from 547-589 Fulton Street. The only remaining properties RedSky does not own in that stretch are 559 and 563 Fulton Street, which are owned by the Barbanel family.

RedSky did not immediately respond to a request for comment.

The site at 571 Fulton Street has almost 30 feet of frontage on Flatbush and DeKalb Avenues and more than 24 feet of frontage on the Fulton Mall, one of the best-known retail corridors in Brooklyn.

RedSky refinanced the Downtown Brooklyn development site last April with a $127 million loan from Apollo Commercial Real Estate. The triangular-shaped block borders the City Point complex and is close to 80 Flatbush Avenue, where Alloy Development and partners are planning a controversial 986-foot tall tower.


Related Articles

arrow_forward_ios
U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

arrow_forward_ios
Loading...