Updated Sep 21, 2026
Borough Developers Acquires Development Site At 485 Fulton Street For $83.5M With JLL Representatives
485 Fulton Mall
$83,500,000
$234/SF
Building Size
356,369 SF
Asset Type
Development Site
Closing
Sep 16, 2026
About this deal
AI
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.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93