Gary Barnett’s Extell Development is taking over a major project in Downtown Brooklyn from the Feil Organization.
Extell has signed a long-term ground lease with the Feil Organization worth $85.9 million at 356 Fulton St., property records show. The Feil Organization had been planning a 43-story project at the site spanning roughly 475,000 square feet with about 400 apartments and 100,000 square feet of commercial space, but Extell will now fully take over developing the site, according to Feil Organization Executive Vice President Brian Feil.
The Feil Organization planned to make 30% of the project’s residential units affordable under the state’s controversial 421-a affordable housing tax break,
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