Former Modell’s site in Downtown Brooklyn up for sale
Four-parcel site allows for 170K buildable square feet
The bankruptcy of Modell’s Sporting Goods last year could pave the way for a new tower in Downtown Brooklyn.
The Henry Modell Company and its neighbor on Fulton Street are marketing four properties for sale that combine for 170,000 buildable square feet, according to marketing materials reviewed by The Real Deal. An asking price for the portfolio was not mentioned in those materials.
The portfolio at 360-370 Fulton Street is part of the Fulton Mall shopping district, a pedestrian-friendly area. It’s located in the middle of the block between Red Hook Lane and Smith Street.
Henry Modell & Co., which operated a Modell’s store at 360 Fulton Street under a license agreement, has owned three of the four parcels for nearly four decades. The store shuttered after Modell’s filed for bankruptcy last year.
The fourth parcel, which partially housed the store, has been owned by Weinstein Enterprises in Carmel, New York, since 2001.
Henry Modell & Co. could not be reached for comment. A person who answered the phone at Weinstein Enterprises said the property is for sale because Modell’s closed.
JLL’s Stephen Palmese and Brendan Maddigan and their team are marketing the property.
One developer that has shown interest in the site, sources told TRD, is the Feil Organization, which owns a corner lot adjacent to the portfolio. Combined, the two sites would have about 400,000 buildable square feet, though a source familiar with the marketing said no developer has been selected yet.
Feil acquired its parcel in 2015 for $43 million.
Brian Feil with the Feil Organization did not respond to a request for comment.
JLL’s Mike Mazzara, Ethan Stanton and Winfield Clifford are also part of the team marketing the property.