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Downtown Brooklyn's Double Deal

New York
Downtown Brooklyn's Double Deal
Rendering of 490 Fulton Street in Downtown Brooklyn, NY
Eli Gindi and Stanley Chera's Crown Acquisitions joined forces to acquire the 250k-SF mixed-use 490 Fulton St., a former department store located in Downtown Brooklyn's oldest and most iconic shopping corridor. In the double deal, it also leased the top three floors, totaling 120k SF, to Long Island University, which will redevelop the space for student housing (rendered above). Crown Retail Services will market the lower retail floors, which total 130k SF. With floor plates of 40k SF and 150 feet of street frontage, the space is ideal for large retailers like neighboring H&M and Aeropostale (or save it for the Nets, considering they might hear fewer boos if they keep fans behind the glass).