Development

Mixed-Use Tower Rising on Fulton Street Joins Others in Downtown Brooklyn

It will have affordable housing as well as market rate apartments, office and retail space.

Photo by Craig Hubert

by Craig Hubert

10/15/2019 0

Another tower is growing among the forest of tall buildings in Downtown Brooklyn.

Designed by Marvel Architects and developed by Jenel Management, a mixed-use building at 540 Fulton Street has risen 38 stories out of an eventual 43 floors. The building, which is already looming over a busy corner of Flatbush Avenue Extension, will eventually use the address 532 Fulton Street, renderings show.

Some windows, as well as silver-grey panels on the facade, have been installed on the ninth, tenth and eleventh floors.

There will be 327 residential units in the building total. Building permits say that 96 of those units will be “affordable.” According to Housing New York data and the building permits, 28 of those “affordable” units are part of Mandatory Inclusionary Housing and their rents will be set at no more than than 80 percent of Area Median Income. The apartments will be rentals, Housing New York shows.

The building will have a mix of everything. Retail will occupy the first two floors, according to building permits, with office space taking up floors three through eight. (The store spaces are already available for rent.) Residential apartments will take over floors 10 through 43, with another lounge and terrace on the roof.

Permits show that on the ninth floor will be a gym, lounge and terrace for residents. Renderings, listings for office and retail space as well as the building as it is currently constructed also show a terrace on the sixth floor.

Jenel Management purchased the development rights from CA 522 Fulton LLC for $13,908,375 in 2017.

540 fulton street — Rendering by Marvel Architects via NY Yimby

A Romanesque Revival building, constructed circa 1891-92 and the former home of the F.W. Woolworth Company, and later assorted storefronts, was demolished in 2016. It was featured as a “Building of the Day” by Brownstoner’s Suzanne Spellen.

When it reaches its full height, the new building will join a rapidly growing stretch of Downtown Brooklyn. Just over three blocks away is a 35 story office building at 420 Albee Square, which has recently topped out. And, across the street, developer RedSky Capital has been slowly acquiring all the lots on the block, which fronts Fulton Street, Dekalb Avenue, Flatbush Extension and Bond Street, where they are planning to build a tower of roughly 50 stories.