Borough Developers Pays $83.5M for Downtown Brooklyn Fulton Site
The buyer on the deed is an LLC called Four Eighty Five. Trade reports tie it to Borough Developers, and the recorded mortgage is far smaller than the loan they describe.
A deed recorded September 23 moved two Downtown Brooklyn lots, 485 Fulton Street and 147 Lawrence Street, to a buyer named Four Eighty Five LLC for $83,500,000. The name reveals nothing, but trade outlets tie the purchase to Borough Developers, and the recorded debt is a fraction of the loan they describe.
Why it matters
The deed is dated September 16, recorded September 23, and runs from Fulton Street Realty Venture, L.L.C to Four Eighty Five LLC across block 152, lots 6 and 18. The deed names no individual. The Real Deal and Commercial Observer identify the buyer as Borough Developers, led by Shimon Kleinman, and the seller as an ICER Real Estate entity. We matched the lots and price to the record, but the LLC link to Borough rests on those reports, not on anything in the deed. The plans they describe vary by outlet, from three 99-unit buildings to a larger tower, so the unit count is not settled.
The numbers
The two lots total 33,153 square feet, per city PLUTO data, which puts the price near $2,519 per square foot of land. Existing buildings add up to 139,438 square feet, and the city assessed the pair at $23.0 million, so the buyer paid about 3.6 times that figure. The financing is where the record and the coverage part ways. A mortgage recorded the same day runs from Four Eighty Five LLC to BCC 485 Fulton LLC for $26,348,334, or 31.6% of the price. Coverage describes an $85 million acquisition and pre-development loan from BridgeCity Capital. We cannot tell from the index whether the rest is an unrecorded tranche, a future advance, or a later filing. We also cannot compute the seller’s gain: the ACRIS legals index shows no priced deed into the seller on lot 6 since a $0 deed in 1981.
What’s next
Watch for a second mortgage or an amendment on these lots that would close the gap to $85 million, and for a Department of Buildings filing that fixes the unit count. The deed will not change, but the plans and the debt stack could. More on deals across the boroughs is on the New York market page.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThe deed (ACRIS 2026091700873001, CRFN 2026000272032, dated Sept. 16, 2026, recorded Sept. 23) conveys Brooklyn block 152, lots 6 and 18, from Fulton Street Realty Venture, L.L.C to Four Eighty Five LLC for $83,500,000. PLUTO lists lot 6 as 485 Fulton Street and lot 18 as 147 Lawrence Street, together 33,153 square feet of lot area, so the price works out to about $2,519 per square foot of land.View the record on a836-acris.nyc.gov
- Public recordA mortgage recorded the same day (document 2026091700873008, CRFN 2026000272039) runs from Four Eighty Five LLC to BCC 485 Fulton LLC for $26,348,334, or 31.6% of the deed price. Trade coverage describes an $85 million acquisition and pre-development loan from BridgeCity Capital, so the recorded instrument covers roughly 31% of the reported loan.View the record on a836-acris.nyc.gov
- Public recordThe two lots carry 139,438 square feet of existing buildings (130,450 on lot 6, built 1921, and 8,988 on lot 18, built 1988) and a combined city assessed value of $23,004,000 (lot 6 at $21,791,700 and lot 18 at $1,212,300). The $83.5M price is about 3.6 times that assessed figure. The ACRIS legals index shows no priced deed into the seller on lot 6 since a $0 deed in 1981, so the seller's gain cannot be computed from the public index.View the record on data.cityofnewyork.us
Sources
- NYC ACRIS, deed document 2026091700873001Deed, Fulton Street Realty Venture, L.L.C to Four Eighty Five LLC, $83,500,000, dated Sept. 16, 2026, recorded Sept. 23
- NYC ACRIS, mortgage document 2026091700873008Mortgage, Four Eighty Five LLC to BCC 485 Fulton LLC, $26,348,334, dated Sept. 16, 2026, recorded Sept. 23
- NYC PLUTO (Socrata 64uk-42ks), Brooklyn block 152Lot 6 (485 Fulton St.) and lot 18 (147 Lawrence St.): lot area, building area, assessed value, owner of record
- The Real Deal, Sept. 18, 2026Borough Developers buys site for trio of 99-unit DoBro buildings
- Commercial Observer, September 2026Borough Developers Closes on $84M Sale of Downtown Brooklyn Development Site