Midwood Buys Mixed-Use Building Across From Former Downtown Brooklyn Macy’s
The $9.5 million sale comes during somewhat of a retail renaissance in the neighborhood
By Isabelle Durso July 13, 2026 4:56 pm
reprints
A four-story office and retail building across the street from the former Macy’s department store in Downtown Brooklyn has traded, Commercial Observer has learned.
Midwood Investment & Development, a New York City-based real estate development and management firm, purchased 423 Fulton Street — opposite the former Macy’s at 422 Fulton Street — for $9.5 million, according to broker KSR.
The property on the corner of Fulton and Pearl streets is home to Panda Express in the ground-floor retail space and Staywell Medical Group in the office space.
The seller of 423 Fulton Street is BNN Fulton Flushing Owner, an LLC comprising several parties, including real estate investor Ralph Braha and the Nakash family, which owns Jordache Enterprises. The Nakash family also owns the historic Versace Mansion in Miami Beach, Fla., where it just secured a $44.7 million refinancing loan in May.
KSR’s Albert Sultan and Joseph Ash brokered the 423 Fulton Street deal for both the buyer and the seller entity.
A spokesperson for Midwood did not immediately respond to a request for comment, while a spokesperson for Jordache could not be reached for comment.
While Midwood’s exact plans for its new property are unclear, the deal comes as Downtown Brooklyn experiences a bit of a retail renaissance, especially following news that the neighborhood’s former Macy’s department store will be redeveloped into a five-floor retail and amusement destination called BKX, as CO first reported.
Owners United American Land and Jackson Group plan to transform the 440,000-square-foot space at 422 Fulton Street into a hot spot for large-format retail tenants, a wellness or fitness facility, and food and beverage companies.
And while there’s still 125 available storefronts in Downtown Brooklyn, the area has found success in retail that meets its population’s needs, including three new supermarkets on Fulton Street, Regina Myer, president of the Downtown Brooklyn Partnership, said during CO’s 2026 Brooklyn Forum in June.
Isabelle Durso can be reached at idurso@commercialobserver.com.
