A four-storey office and retail building opposite the former Macy's department store in Downtown Brooklyn has changed hands. Midwood Investment & Development, a New York City-based real estate development and management company, acquired the property at 423 Fulton Street – directly opposite the former Macy's at 422 Fulton Street – for USD 9.5 million, according to broker KSR.
The property, located at the corner of Fulton and Pearl Streets, houses a Panda Express restaurant on the ground floor and Staywell Medical Group in the office space. The vendor of 423 Fulton Street is BNN Fulton Flushing Owner, an LLC comprising several parties, including real estate investor Ralph Braha and the Nakash family, owners of Jordache Enterprises.
The Nakash family also owns the historic Versace Mansion in Miami Beach, Florida, for which they secured USD 44.7 million in refinancing in May. Albert Sultan and Joseph Ash of KSR brokered the deal for 423 Fulton Street for both the buyer and the selling entity. A spokesperson for Midwood did not immediately respond to a request for comment, while a spokesperson for Jordache was unreachable.
Retail Renaissance in Downtown Brooklyn
While Midwood's exact plans for the new property are still unclear, the deal comes at a time when Downtown Brooklyn is experiencing something of a retail renaissance. This is particularly true following the news that the district's former Macy's department store is being redeveloped into a five-storey retail and entertainment centre called BKX, as Commercial Observer first reported.
Owners United American Land and Jackson Group plan to transform the 440,000 square feet of space at 422 Fulton Street into a hotspot for large-format retail tenants, a wellness or fitness facility, and hospitality establishments. Although there are still 125 retail spaces available in Downtown Brooklyn, the area is successful in providing retail that meets the needs of the population, including three new supermarkets on Fulton Street, as stated by Regina Myer, President of the Downtown Brooklyn Partnership, in June during Commercial Observer's Brooklyn Forum 2026.
