The residential conversion of the landmarked Offerman department store on the Fulton Mall has been talked about since 2005, and it's finally becoming a reality. Owners, brothers Jody and Al Laboz, began renovating the structure a few years ago, and the Brooklyn Paper reports that the residences will be ready for occupancy later this year. The top four floors of the seven-story, 123-year-old building will hold 120 rental lofts, many of which will have 15-foot-ceilings and original restored details. Residents will share a common rooftop deck, and the building will have "a magnificent atrium." The residential entrance will be located on Duffield Street. No word yet on how much they will rent for, but new developments nearby have studios starting around $2,400 per month and two-bedrooms going as high as $6,290.
The Laboz brothers have played a significant part in transforming Downtown Brooklyn's Fulton Mall in recent decades, as Al is chairman of the Fulton Mall Improvement Association. The Laboz's United American Land company developed the Offerman building's neighbor, a glass-walled structure that houses H&M, and they are bringing a TJMaxx to the ground floor of the Offerman. The new apartments will bring residents back to the street for the first time in decades.
One commenter pointed out that 120 units seems like a lot for four floors, but, as another commenter stated, the building goes back quite a ways on Duffield Street. Here is a Google sattelite view of the property, with the approximate building outlined:
· Mall is loft: Luxury apartments coming to Fulton [BK Paper]
· 505 Fulton Street coverage [Curbed]
Photo via Brownstoner