In Brooklyn, we hear Capstone Equities and the Carlyle Group are in contract to purchase a two-parcel development site by the Fulton Mall for around $35 million.
The sites at 1 and 11 Flatbush Ave. are being purchased from different families after being approached by investment broker Nat Rockett from Cushman & Wakefield.
A future building — a roughly 20-story, 175,000 square-foot triangular project — will likely have residential rentals.
The site will also include some 30,000 square feet of highly valuable commercial frontage on both Flatbush and Fulton avenues.
Capstone already owns the 250,000 square-foot building across the street at 30 Flatbush.
None of the principals on the project returned requests for comment.