Borough Developers Acquires Development Site At 485 Fulton Street For $83.5M With JLL Representatives

The asset involved in this transaction is a development site located at 485 Fulton Street in the Brooklyn market. The sale price for this property was $83,500,000, with a zoning floor area (ZFA) of 356,369 and a per square foot price (PPZFA) of $234.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $83,500,000
• Address: 485 Fulton Street
• Market: Brooklyn
• Zoning Floor Area (ZFA): 356,369
• Price per Square Foot (PPZFA): $234
• Buyer: Borough Developers - Shimon Kleinman
• Seller: ICER Real Estate
• Brokers: Michael Mazzara, Ethan Stanton & Brendan Maddigan - JLL

The transaction was facilitated by the brokerage team of Michael Mazzara, Ethan Stanton, and Brendan Maddigan, who represented the interests of the buyer, Borough Developers, led by Shimon Kleinman, as well as the seller, ICER Real Estate.