The Real Deal New York

RedSky adds 571 Fulton Street to massive DoBro development site

Company purchased parcel for $14.5M
By Eddie Small | September 13, 2018 01:01PM

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.