Fort Greene Building With 47 Units Sells for $17.5M

Fulton Street Associates LP sold a Fort Greene mixed-use building to 680 Fulton Street Owner LLC for $17.5 million, per an ACRIS deed recorded Oct. 6, with a $12 million Santander Bank loan recorded on the same lot the same day.

Why it matters

The seller has been on this lot’s record for a long time. ACRIS shows Fulton Street Associates as the borrower on the property as far back as a 2003 filing, and the 40-year lookup returns no priced deed into it, so we cannot say what it paid or when. The deed is the exit. The new loan is 68.6% of the price, which is an ordinary leverage level for an occupied apartment building, and the buyer’s financing is the one piece of this sale the record spells out fully.

The record also leaves open who is behind the buyer. The deed names 680 Fulton Street Owner LLC and shows no individual, and the signatories are not in the index data, so we do not say who controls it. A second deed from the same seller to IBEC Properties, LLC was recorded in the same batch with no price. The record does not say what that transfer is for.

The numbers

The deed is dated Sept. 29 and recorded Oct. 6 for $17,500,000. City tax records for block 2114, lot 23 describe a four-story building from 1907 with 36,047 square feet, 45 residential units, 47 units in total and 2,470 square feet of retail. That puts the price at about $372,000 per unit and $485 per square foot. The city lists the lot at 686 Fulton Street, while the deed is titled 680 Fulton Street Owner LLC.

Santander Bank’s financing comes as a $4,817,377 mortgage and a $7,182,624 agreement, which add up to $12,000,001, alongside a $12,000,000 assignment of leases. Santander also took assignments of an older mortgage that had passed from the FDIC to JPMorgan Chase, which is how a 2018 First Republic Bank loan on the building ends up in a new lender’s hands.

Crain’s reported on Oct. 7 that the sold building is the one that houses Greenlight Bookstore. We attribute that to Crain’s: the city’s tax record confirms the lot is addressed 686 Fulton Street, but it does not list tenants, so the record we read does not name the shop.

What’s next

Watch for a consolidated mortgage recording that folds the old loan into the new one, and for any filing that names the owner behind the buyer LLC. For more Brooklyn deeds read against lender filings, see the New York market page, or 1241 Bedford Avenue in Crown Heights.