“Gateway to Fulton Mall” parcel in contract

Capstone Equities and Carlyle Group to buy 1-11 Flatbush Avenue for $35 million

From left: Rendering of One Flatbush and 1-11 Flatbush Avenue
From left: Rendering of One Flatbush and 1-11 Flatbush Avenue

Capstone Equities and the Carlyle Group are in contract to buy two parcels near the intersection of Flatbush and Fulton Street for $35 million.

The parcels at 1 and 11 Flatbush will be the site of a 175,000 square-foot triangular tower rising about 20 stories, most likely with residential units, reports the Post. Capstone Equities bills the corner as the “Gateway to the Fulton Mall” and points out its 200 linear feet of wraparound frontage and opportunity for 40 feet of signage on its website.

Investment broker Nat Rockett of Cushman & Wakefield arranged the deal with families who currently own the existing properties, according to the Post. None of the principals returned the Post’s requests for comment.

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The Fulton Mall has lately attracted a number of new national retailers and residential developments. Earlier this year, a new building application was filed for a 23-story residential tower with 108 units at 237 Duffield StreetBetween Willoughby Street and the Fulton Mall. [NYP]Tom DiChristopher