570 Fulton Street On The Market For Approximately $25 Million
Local nonprofit SCO Family of Services has placed their building at 570 Fulton Street (between Flatbush Avenue and Rockwell Place) up for sale for about $25,000,000, according to Crain’s New York. The organization bought the former Buddy Lee clothing factory, whose sale is being handled by TerraCRG, in 1985 for about $500,000.
“The sale of the property as a development site will maximize the value of this asset and the proceeds will provide for greater resources to serve the children and families of Brooklyn and throughout New York City and Long Island,” Chair of SCO’s Board of Directors Kelly Williams says in a press release.
The organization is currently looking for another building in the borough, presumably somewhat nearby, as Communications Director Sharman Stein says “it will be convenient for staff and the people we serve.”
A new building is expected for 570 once it sells, which could grow up to about 86,000 sq ft. The site is suitable for a residential, commercial, or hotel space. Crain’s suggests at current market prices and with the construction boom underway in the Fort Greene/Downtown Brooklyn area, 570 could very well sell for above $25,000,000.
