A real-estate developer has forked over nearly $11 million for a row of run-down, one-story storefronts near the Fulton Mall — and he’s planning something big (although how big remains to be seen).
Developer Gregg Wolpert bought the three properties, on Lawrence Street between Fulton and Willoughby streets, for $10.75 million last week and hopes to “expand the site,” he said.
The only way to go is up.
The 2004 Downtown Brooklyn rezoning would allow Wolpert to build 80,000 square feet where now there’s only a nail salon, art gallery and hat shop.
“He can build more than 90 condos there,” said Danielle Mosse, an agent with Brooklyn Heights Real Estate. “Trust me, if it sold at $11 million it’s because of the potential.”
Wolpert wouldn’t be the first developer to take advantage of the 2004 rezoning of Downtown Brooklyn, which was intended to accommodate more office space but has instead spurred a residential development boom.
A former New York Telephone Company building at Bridge and Willoughby streets is being converted into 219 luxury apartments.
“This area is really going to become competitive with Atlantic Yards,” said Mosse. “A lot of developers are building there. It’s changing tremendously.”