Retail vacancies on Fulton Mall

Eye on Real Estate

February 22, 2017 By Lore Croghan Brooklyn Daily Eagle
Welcome to bustling Fulton Mall. Eagle photos by Lore Croghan
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Ouch. Bankruptcy.

When Aéropostale declared Chapter 11 last year, its Fulton Mall location was on the initial list of store closings.

The teen clothing chain was later auctioned, and the purchasers vowed to keep hundreds of stores open. But that didn’t help the shop at 472-474 Fulton St. in Downtown Brooklyn. The storefront on the corner of Elm Place still stands vacant. The two commercial condo units in which Aéropostale was located belong to Jeff Sutton’s Wharton Properties through an LLC, city Finance Department records indicate.

Though there’s strong demand for retail space on Fulton Mall — see related story — there are a few vacancies. This is a sampling of them:

* On its website, Joseph Sitt’s Thor Equities lists an 8,800-square-foot, multilevel retail space as being available at 519 Fulton St., which is on the corner of Duffield Street. The real estate firm bought the building through an LLC for $12.65 million in 2014, Finance Department records show.

* Albert Laboz’s United American Land has retail space for rent at 515 Fulton St., which is adjacent to the real estate firm’s stunning landmarked Offerman Building. A marketing flier posted online by leasing agent Inline Realty says the available space consists of a 1,500-square-foot ground  floor and a 1,500-square-foot basement.

* The storefront at 342 Fulton St. that Brooklyn Industries vacated a while back remains empty — because the building it’s in is going to be torn down to make way for development.

Late last year, Brooklyn Law School sold the building, better known as 1 Boerum Place, for $76.5 million to an LLC with Avi Fisher as manager, Finance Department records indicate. He is a founding principal of Avery Hall Investments.

Another founding principal of that development firm, Brian Ezra, told the Wall Street Journal that a new residential and retail building will likely be constructed on the site, but possibly office space would be constructed. According to the Journal, Allegra Holdings and Aria Development Group are Avery Hall Investments’ partners in the project.


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