The Feil Organization has revealed more details for a Downtown Brooklyn development that’s been years in the making.
The developer filed plans with the Department of Buildings for a 43-story tower at 356 Fulton Street, according to Crain’s. The building will encompass nearly 475,000 square feet and include approximately 100,000 square feet for commercial use.
The project will include 421 apartments, a coincidental nod to the 421a program Feil reportedly plans to utilize that will make 30 percent of the building’s units affordable. There will also be 73 parking spots at the development, which is being designed by SLCE and MdeAS.
Crain’s reported that demolition work at the site has already commenced and foundation work will begin early in 2022. Construction is expected to last for approximately three years. It’s not clear how much the development will cost.
It’s been clear for some time that Feil was putting together the pieces for a big development site on Fulton Street. Earlier this year, the developer entered into contract to buy a four-parcel portfolio at 360-370 Fulton Street along the Fulton Mall. Sources familiar with the deal said the purchase price was approximately $32.5 million.
In 2015, Feil paid Capital One $43 million for a three-story commercial building at 356 Fulton Street. Feil also owns both 376 and 380 Fulton Street.
“I think we’re just excited about Brooklyn long term and New York City long term,” Brian Feil, the firm’s executive vice president, told Crain’s.
Downtown Brooklyn is set for a rush of housing activity in the coming years. In August, Maddd Equities and Joy Construction filed plans for a 436,000-square-foot mixed-use building at 202 Tillary Street. The development will include 465 apartments and cost $132 million to construct; a quarter of units will be affordable permanently for tenants making up to 60 percent of the area’s median income.
[Crain’s] — Holden Walter-Warner