The Feil Organization is putting together the next big development site in Downtown Brooklyn.
The family-owned real estate investment and development firm confirmed it is in contract to buy a four-parcel portfolio at 360-370 Fulton Street along the Fulton Mall, which includes the site of a former Modell’s store.
The company declined to comment on the price, but sources familiar with the deal said the portfolio is going for around $32.5 million.
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Brian Feil, the firm’s executive vice president, confirmed the deal, but would not comment on the company’s specific plans for the block.
“We’ve been here for three generations,” said Feil, noting that the family has owned 380 Fulton Street for more than six decades. “We have a long-term view, and we will come up with our long-term plan.”
With the acquisition, the Feil Organization now owns almost every property on the block between Red Hook Lane and Smith Street. The only piece missing is 372 Fulton Street, a landmarked building that’s home to the eatery Gage & Tollner. Feil said the company has no plans to acquire the landmarked property.
The four new properties add up to 170,000 buildable square feet. In total, the company has about 400,000 buildable square feet on the block.
Three of the four parcels in the portfolio were owned by Henry Modell & Co., which operated a Modell’s store at 360 Fulton Street under a license agreement. The store shuttered after Modell’s filed for bankruptcy last year. The company could not immediately be reached for comment.
The fourth parcel, which partially housed the store, has been owned by Weinstein Enterprises in Carmel, New York, since 2001. Sal Cappuzzo with Weinstein Enterprises could not be immediately reached for comment.
JLL’s Bob Knakal led the deal along with Stephen Palmese. JLL declined to comment.