Construction appears to be imminent at 356 Fulton Street, an upcoming mixed-use residenital skyscraper in Downtown Brooklyn. Developed in a joint venture between Rabsky Group and Spencer Equity, the structure is planned to yield nearly 200 condominium units, 299 rental apartments, and 20,000 square feet of commercial space. The $400 million development will rise from a site bounded by Fulton Street, Smith Street, and Red Hook Lane. It’s unclear if MdeAS Architects and SLCE Architects, the original designers, are still part of the project, which called for a 43-story, 496-foot tall, 475,000-square foot tower with 421 units of market-rate and affordable housing, and 100,000 square feet of commercial space.
YIMBY’s last update in December 2022 showed the larger western end of the site completely leveled, while demolition of the corner structure at 380 Fulton Street had yet to be razed. Recent photographs show a large drilling machine and multiple excavators on site, a clear sign that work should commence very soon. The only two buildings that are not part of the multi-parcel assemblage are 372 and 376 Fulton Streets. The new skyscraper’s multistory base will wraparound the abutting holdouts.
356 Fulton Street. Photo by Michael Young.
356 Fulton Street. Photo by Michael Young.
356 Fulton Street. Photo by Michael Young.
356 Fulton Street. Photo by Michael Young.
356 Fulton Street. Photo by Michael Young.
Looking west from Smith Street. Photo by Michael Young.
The below aerial rendering, although outdated at this point, depicts MdeAS Architects’ design with a sleek metal facade surrounding a grid of floor-to-ceiling glass windows. The massing incorporated two setbacks topped with landscaped terraces, with one above the multi-story podium and another just below the midpoint of the tower. New visuals have yet to be publicly released.
356 Fulton Street. Designed by MdeAS Architects and SLCE Architects
Extell was the former developer, who previously signed an $85.9 million long-term ground lease to take over the site from The Feil Organization back in 2022. The site would switch hands in the fall of 2025 in a $39 million deal, which also included two neighboring parcels and air rights. The latter of which both Rabsky Group and Spencer Equity are seeking to buy more of in the coming months. Valley National Bank provided a $31.5 million loan for the purchase.
The nearest subways from the ground-up development are the A, C, F, and R trains at the Jay Street-MetroTech station to the north. The 2, 3, 4, and 5 trains are also nearby to the east at the Nevins Street station, as are the B, Q, and R trains at the Dekalb Avenue station along Flatbush Avenue Extension.
An updated info board for 356 Fulton Street was posted on the sidewalk fencing, indicating ‘substantial completion’ by the winter of 2028.
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Regarding buying more air rights: who do we think they’d buy it from? The only options would be 131 Livingston or 141 Livingston, right?
They should have acquired the two story building with the BOA and spanned the base over Red Hook Ln giving this development a big rooftop amenity space. As it is now who knows when that old building on the southwest corner would ever be replaced.
I would guess if that BOA was available One Boreum would have bought it a couple years ago so they fill that whole block. I imagine they tried, rather than make that ugly notch out.
Hopefully the holdouts will hang on.
The Gage&Tollner building and it’s neighbor are guaranteed to be preserved. There’s no chance they are demolished for this project.
There is a current architectural drawing on the fence. Weird that you wouldn’t mention that. Anyway, it’s not quite the same as the older rendering, but fairly similar in height and massing.
Weird. I live two blocks away on State St and always pass this site on my way to work, and I never saw any rendering/diagram posted on the fence.
Plus I think it would make more sense for Yimby to post something more definite and clear.
here we go again, albeit those so called affordable units rents will be for the higher income earners close to market rate, once again making Downtown Brooklyn a place for only the high income people to enjoy to live in a rich amenities neighborhood
LOL have you walked on Fulton Street like ever?
also this building is right next to housing court. How convenient.
NYCHA projects with thousands of units just around the corner.
But sure keep up the agenda. you forgot to say it will be billionaires only in downtown Bklyn.
Here is a question – how to propose building housing – any housing for anyone – in New York WITHOUT subsidies from other taxpayers? – it costs a ton to build here. much of it because of the government regulations, taxes, laws, rules, etc.
So tell me what do you propose…….
crickets
Cholly Nick,
I PROPOSE THAT MILLIONAIRE DEVELOPERS USE THEIR OWN MONEY
I know that you
feel so bad for these millionaire developers , so maybe you want to donate some more of your hard earned cash to them.
CRICKETS
I hear Rabsky and Related need some cash even though NYC is subsidizing their platform on the west side to the tune of 2 BILLION DOLLARS
I really hope they make more millions of dollars using our taxpayer money.
because once again nys taxpayers subsidizing millionaire developers using the dead 421a or the new developer subsidy 485x when
huh,,,,,, not sure why you responded to me when I asked Joe.
But…..Rabsky has nothing to do with Hudson Yards. Related has nothing to do with this site. Did you forget to take your meds? CRICKETS .. (dont be so angry – this is actually a pro development and developer website)
Since you asked, developers do use their money plus loans from banks and private sources. The taxpayer money is tax reduction developers are forced to take to make these projects pencil out. and yes build affordable housing. Sorry you do not understand how the business works. I can only assume you work for the current mayor’s office with that type of ignorance. Go see how many projects are never built or are being foreclosured on with huge loses. it’s a risky business.
Here is a crazy idea – stop taxing new development and existing apartments like the mafia – city takes 1/3 of the gross (and who are the crooks?) . maybe then they can build without subsidies and create housing quickly for more New Yorkers.
still waiting for proposal and Joe
Crickets!!!
Same story for the affordable housing {equal market rates}, see the transformation of the neighborhood most of the new development looks the same square boxes building
Discover punctuation. It’s works wonders.
NFA
that’s the best you can come up with ?
What is that equipment, a giant drill?
FWIW, one of the construction workers told me it was going to be 45 stories. So it appears whatever changed the height appears to be about the same. It’s going to be about twice the height of the adjacent One Boreum.