Sunlight Development Acquires Brooklyn’s 350 Hicks Street for $29.5M

Sunlight Development, a Queens-based real estate and construction company, has acquired the empty lot at 350 Hicks Street in Cobble Hill, Brooklyn, for $29.5 million from Madison Realty Capital, Commercial Observer has learned. 

Details on the sale are few, as Madison Realty declined Commercial Observer’s request for comment and Sunlight did not immediately respond to a request for comment. Newmark’s Dan O’Brien, Adam Spies and Adam Doneger represented both parties in this sale. The brokers also declined CO’s request for comment. 

Sunlight owns a number of retail properties around the city, including NoMad’s 95 Madison Avenue, which it acquired in 2024 for $65 million, NuSun Tower in Flushing, Queens, and 2111 Astor Terrace in that borough’s Long Island City. 

Madison Realty acquired the empty lot, which has an alternate address of 1 River Park, as well as neighboring 91 Pacific Street, in 2022 from Fortis Property Group for $141.1 million. Fortis sold the properties to avoid a Uniform Commercial Code auction. Madison sold 91 Pacific Street to Rockrose Development in 2024 for $65 million.

It’s unclear what Sunlight intends to do with its new property, but Fortis had planned two condo buildings totaling 150 units on the site.

This area of Cobble Hill has also been active with sales as of late. 

Rockrose recently went into contract to acquire the former site of Long Island College Hospital, which shut down 10 years ago and has addresses of 363 Hicks Street, 365 Hicks Street, 97 Amity Street and 340 Henry Street. The long-shuttered site sold for $100 million. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.