Feil Organization pays $32.5M to Modell’s, Weinstein Enterprises in Downtown Brooklyn
Feil Organization paid $32.5 million to Modell’s Sporting Goods and Weinstein Enterprises in two separate transactions in Downtown Brooklyn.
In the first, Feil Organization through the entity 360-370 Fulton LLC paid $20 million to Modell’s Sporting Goods through the entity Henry Modell & Company, Inc. for mixed-use building (K4) at 370 Fulton Street in Downtown Brooklyn, mixed-use building (K4) at 366 Fulton Street in Downtown Brooklyn, and retail building (K1) at 362 Fulton Street in Downtown Brooklyn.
The deal closed on May 14, 2021 and was recorded on June 2, 2021.
The three properties have 19,443 square feet of built space and 63,422 square feet of additional air rights for a total buildable of 82,850 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,028 and the price per buildable square foot is $241 per the PincusCo analysis.
The signatory for Modell’s Sporting Goods was Louis Grassi. The signatory for the Feil Organization was Jeffrey J. Feil.
Modell’s filed for bankruptcy protection in early 2020. The contract for this sale was April 14, 2021. The Modell family acquired one of the three buildings in 1973 and the other two in 1983.
Direct link to Acris document. link
In the second transaction, Feil Organization through the entity 360-370 Fulton LLC paid $12.5 million to Weinstein Enterprises through the entity Weinstein Enterprises, Inc. for retail building (K1) at 360 Fulton Street in Downtown Brooklyn, Brooklyn.
The deal closed on May 14, 2021 and was recorded on June 2, 2021.
The property has 11,208 square feet of built space and 48,617 square feet of additional air rights for a total buildable of 59,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,116 and the price per buildable square foot is $209 per the PincusCo analysis.
The signatory for Weinstein Enterprises was Salvatore Cappuzzo. The signatory for Feil Organization was Jeffrey J. Feil.
The Weinstein family has owned the property since 1967. The sale contract date was April 14, 2021, the same as the contract date for the Modell properties.
Direct link to Acris document. link