1215 Fulton Street Update 03/21/22

Bed-Stuy Development Site Trades for $33.6M

A sprawling, vacant lot, located at 1215 Fulton Street in Brooklyn's Bedford-Stuyvesant neighborhood has just been sold for $33.6 million. Previously owned by Tower Holdings Group, it was scooped up by EJS Group and Hope Street Capital in a deal brokered by JLL. Tower is parting with the land after a little over 3-years of ownership, having purchased it back in February of 2019.

When viewed from above, one would think that the irregularly shaped property is a collection of adjoining lots, with its dual frontages on Fulton Street and Halsey (the next street over), sandwiching a large infill space in the center of the block. In reality, this land is all part of a single lot, which offers 179,340 buildable square feet and a blank canvas for redevelopment.

What makes the lot even more desirable is that it can be rezoned and sold in pieces if the new owners only wish to build on one of the frontages. As of yet, however, no specific development plans have been announced, so we'll have to wait to see what's in store for the site.

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