Successful Sale of 360-370 Fulton Street in Downtown Brooklyn
Bob Knakal orchestrated the sale of 360-370 Fulton Street, a five-building retail assemblage in the heart of Downtown Brooklyn. The site, spanning nearly 6,000 square feet of land, offered more than 170,000 buildable square feet and featured two-story structures with prominent frontage on one of the borough’s busiest retail corridors. The final sale price of $32,500,000 reflected both the location’s high visibility and long-term development value.
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Sale Details
Situated along Fulton Street, the property presented a rare opportunity for large-scale development in one of Brooklyn’s most active commercial and residential districts.
- Sale Price: $32,500,000
- Sale Date: April 14, 2021
- Property Address: 360-370 Fulton Street, Brooklyn, NY
- Property Type: Development Site
- Zoning: Commercial with Development Potential
Buildable Square Feet: 170,000 - Price per Buildable SF: $191.18
- Lot Size: 5,980 SF
- Buildings Included: 5
- Stories: 2
- Block/Lots: 154 / 11, 12, 14, 15
Property Details
This assemblage spanned four lots and included five connected two-story retail buildings. Its high foot traffic, visibility, and flexible zoning made it an ideal candidate for a major mixed-use development. The location along Fulton Street—Downtown Brooklyn’s historic commercial spine—added unique appeal to prospective developers seeking scale and retail prominence in an area with sustained demand.
The Client: Long-Time Property Owner Seeking Market-Driven Exit
The family ownership had held the properties for decades and recognized that market timing, interest rates, and development momentum in the area presented an ideal moment to sell. Bob Knakal and his team were engaged to design a strategic marketing process that would reach the right buyers while positioning the asset for maximum value.
Market Strategy and Negotiation Approach
Bob’s team launched a wide-reaching marketing campaign to attract developers with the ability and vision to maximize the site’s potential. The strategy focused on the property’s core value drivers:
- Rare scale in Downtown Brooklyn’s development corridor
- Strong retail demand and daily foot traffic
- Immediate proximity to transportation and nearby towers
The campaign drew strong interest from major real estate players, leading to a competitive negotiation process that ultimately secured a deal with a seasoned developer at $32.5 million.
Neighborhood Overview
Downtown Brooklyn continues to be one of the city’s fastest-growing neighborhoods, driven by residential towers, new retail, and improved infrastructure.
- Anchored by the Fulton Mall, a historic and thriving retail hub
- Steps from City Point, MetroTech, and major commercial developments
- Dense residential and student population from nearby universities
- Excellent transit access with 11 subway lines within walking distance
- A priority growth area under NYC’s 2004 rezoning
Conclusion
The sale of 360-370 Fulton Street demonstrates Bob Knakal’s ability to bring institutional quality execution to properties with strong fundamentals. His team’s deep understanding of the Downtown Brooklyn market, combined with a data-driven sales process, resulted in a high-value exit for the seller and positioned the site for a future mixed-use development.
Through strategic positioning and targeted outreach, Bob maximized the opportunity for all parties and delivered a transaction that reflected both the property’s current value and its long-term potential.
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