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Oct 3, 2013
Heads up Boys and Girls!
A large part of the complex just went up for sale: The northern portion that lines Dean. .
<small>View Larger Map</small>You'll need $18M.
If you take the affordable housing incentive, you'll receive over 100,000 BSF!If you just build market, you get around 75k BSF.
Here are the addresses it shares with Franklin Avenue:
606, 608, 610, 612, 614 Franklin
Make sure to look at the pdf above to get a sense of which buildings we are talking about.
Brownstoner says the owner did NOT list the Brewery itself - the amazing old brick edifice on Bergen - and plans to convert it himself to residential and retail.
If this is true this is excellent news. Presumably the proceeds from the sale of the (architecturally) less-significant parcels on Dean Street can subsidize his costs to stabilize and renovate the brewery.
This pdf shows which of the buildings are for sale:http://www.terracrg.com/setups/Franklin_and_Dean.pdf
The big brick buildings that line Bergen are not for sale. The ones that line Dean are for sale
If I can be slightly ignorant for a second here (and I know there's a separate "new Crown Heights zoning" thread...but in a sentence or two, what about the new zoning (which actually puts limits on new building heights, right?) - would likely have motivated the seller to list this property post zoning amendment?
While height restrictions were imposed, this lot was given the ability to build a greater Floor Area Ratio, which impacts buildable sq ft. The FAR can now be further increased if the developer chooses to participate in an affordable housing program.
The definition of "affordable" that must be abided by isn't very strict by my definition. Hence, the developer might go for it....
Very good question notsayin. The FAR is the story but the big change doesn't depend on the inclusionary housing (affordable). The FAR for this lot went from 2.43 to 3.45 as of right or 4.6 if they add the affordable component.
The trade off is that city planning dictates the building height (80') and the setback (R7A with the A being very important). http://www.nyc.gov/html/dcp/html/zone/zh_r7a.shtml
No longer can someone build a similar building to that tower on St. Marks surrounded by a parking lot. The building has to line up with the walls of the others. So the city is basically telling developers to build buildings that are similar in mass, scale, and street experience to the historic buildings. The quid pro quo is that owners can build more on these lots now. Plus if they include affordable units (restricted to families makeing less than 80% of Area Median Income ~ $49k I think) they can build even more. Typically this is incentive enough for them to build the units.
Also forgot to mention that the new zoning doesn't have the same open space (usually a parking lot or grass) requirements as the old. This makes possible building denser buildings that are ultimately more marketable and attractive to retail.
I agree with everything vaportrail wrote.
And will add that although it won't be ready until 2-3 years from now, I expect the first floor to provide some Class A commercial space.
TerraCRG is trying to get bidders to line up...
Hi (real name),As you may already know, my team is marketing the mixed-use development site located at 608 Franklin Avenue on the corner of Franklin Avenue and Dean Street in Brooklyn. The property is zoned R7A which allows for up to 4.6 FAR with inclusionary housing bonus, giving the project a total of 100,875 buildable SF. The 21,929 SF site has 141 feet of frontage on Franklin Avenue.The Preliminary Bid deadline for the property is this Friday, November 1st @ 2 PM. If you are planning to bid, please email me for the full Offering Memo and feel free to give me a call to discuss.I look forward to hearing from you.OferOfer Cohen | Founder & President | TerraCRG | 592 Pacific Street, Suite B | Brooklyn, NY 11217 |T: 718-768-6888 | F: 917-591-8206 | firstname.lastname@example.org | www.terracrg.com | @ofercohenTerraCRG is hiring http://www.terracrg.com/careers/
Sadly, I don't think I have enough in my checking account to handle this.
See how they feel about $20.
Readers, this development is one of the Big Developments happening in western Crown Heights in 2014 that we will watching closely. To learn about the others, see this thread: http://www.brooklynian.com/discussion/44634/links-to-the-big-16-developments-in-western-crown-heights#Item_1
present description: http://www.loopnet.com/xNet/Looplink/Profile/Profile.aspx?LL=true&LID=18393349&STID=terracrg
An eight-story mixed-use building is coming to the corner of Dean and Franklin in Crown Heights, on the site of a former brewery. NY YIMBY first spotted new building applications for the 119-unit development at 1036-1042 Dean Street.The ODA Architecture-designed build will have 100,629 square feet total, including 81,880 square feet of residential space and 18,749 square feet of commercial.
Next two floors: http://newyorkyimby.com/2016/01/construction-update-608-franklin-avenue-crown-heights.html
"The structure will measure 125,350 square feet and its residential units should average 693 square feet apiece. Rental apartments are in the works, and configurations will include studios, one-bedrooms, and two-bedrooms. Twenty-four of the apartments will rent at below-market rates through the housing lottery. Amenities include a 56-car parking garage on the cellar and ground floors, storage for 63 bikes, a lounge, a fitness center, an common outdoor area on the second floor, and a rooftop terrace. Yoel Goldman’s Brooklyn GC is the developer, with ODA New York is behind the design. Occupancy can probably be expected by the end of the year."
Not yet. But I will keep watching this site. This site continues to be one of the sites I believe will make a large impact on western Crown Heights: http://www.brooklynian.com/discussion/47007/the-big-18-developments-the-whynot-31-wont-stop-talking-about?new=1
Update: I walked by here last night. Finishes appear to be getting put in to many of the units. I saw mini-split AC units up in a lot of the apartments as of last night.