The university is taking the top three floors of the five-story, 250,000-square-foot property, which it will redevelop for student housing. Crown Retail Services will market the lower floors, totaling 130,000 square feet, which the company sees as ideal for large retailers looking for high visibility along the Fulton Street corridor, according to a release.

"This acquisition speaks to our continued commitment to Downtown Brooklyn and specifically Fulton Street, where we have owned and operated retail properties for more than 50 years," says Isaac Chera, principal of Crown Acquisitions, in a release. "We are excited to reactivate the dormant upper floors of the property, while also making substantial improvements to its retail tenancy."

The purchase follows recent announcements that H&M and Aeropostale have committed to retail leases along Fulton Street. It also comes on the heels of the City Planning Commission's April approval of a plan for the first phase of redevelopment of the former Albee Square Mall along the corridor, to be known as City Point.