"Earlier today, an application was submitted to the Department of Buildings to erect a 12-story, 173-unit apartment building – likely rentals – mid-block between Washington and Franklin avenues.
The 173 apartments will be spread over 132,000 square feet of net residential space, for an average unit size of 760 square feet, with between 11 and 16 units per floor."
Comments
It deserves a place on my list of the Big 16 developments in western Crown Heights, which now contains 18.
...the world makes no sense!
http://www.brooklynian.com/discussion/44634/links-to-the-big-16-developments-in-western-crown-heights#Item_11
Also of note, the site will be developed by the same developer that will be busy at the nearby Sea Crest site: http://www.brooklynian.com/discussion/39234/the-sea-crest-linen-site-46-crown-st-#Item_10 
Sea Crest site is to the right
http://www.brooklynian.com/discussion/39234/the-sea-crest-linen-site-46-crown-st-#Item_10 
Tivoli will still be the tallest, 33 stories.
This site will be among those discussed on an upcoming walking tour: http://www.brooklynian.com/discussion/45201/ms-whynot-and-whynot-design-the-2015-walking-tour-/p1
http://therealdeal.com/blog/2015/06/11/abehseras-pwr-picks-up-crown-heights-development-site/
1. The plans for the building have grown. The plans used to be 132,000 BSF, and now one can build 168,000 BSF.
2. They are pitching this as a site for condos, not rentals.
3. The lot and the approved plans are AGAIN for sale, but they don't say for how much.
4. You can watch a snazzy drone video of the site:
quote:
"Hi (whynot_31),
I hope you had a great summer. We are pleased to exclusively offer one of the last remaining, sizable development opportunities along the north side of Prospect Park. The site is being delivered with DOB-approved plans for the development of a 168,000 GSF residential building.
111 Montgomery is situated in the heart of Brooklyn, surrounded by cultural landmarks and world-famous attractions. The site is directly across from the Brooklyn Botanic Gardens and Prospect Park, and is walking distance to the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library. The offering is also close to various public transportation options, and is only one stop from Barclays Center & Atlantic Terminal. It is just a short walk to Eastern Parkway and the 2, 3, 4, 5 & S subway lines, and a couple of blocks from the B & Q, providing ample express access to Manhattan.
The immediate area has become the center of cultural activity in Brooklyn, and therefore most desirable among investors and residents alike. While neighboring Park Slope and Prospect Heights have very few large residential sites that could still be developed, 111 Montgomery offers the lifestyle and access of these established neighborhoods, just a short walk away. Condo sellouts on the other side of Grand Army Plaza are projected at $1,850 per SF, condos on this site — just a few blocks away — could be offered at $1,100 per SF, which will enable family-sized units of 2-3 bedrooms to be priced at the $1M to $1.5M mark, a sweet spot for the means of the current "Brownstone Brooklyn" demographic.
The 110 ft x 162 ft, slightly irregular lot is approximately 22,000 SF and is zoned R8A. The property currently has approved plans in place for a 12-story, 168,000 Gross SF building with 173 residential units. Units on the upper floors of the development will have clear views of Prospect Park, Manhattan and the Brooklyn landscape respectively.
For a quick aerial video tour, click here (see above). For the full offering memorandum, please call our office and speak with me or anyone on my sales team.
I look forward to speaking with you.
Ofer
Ofer Cohen | Founder & President | TerraCRG | 634 Dean Street | Brooklyn, NY 11238 |
T: 718-768-6888 | F: 718-768-6288 | ocohen@terracrg.com | terracrg.com"
Jabbering and photo: http://newyorkyimby.com/2015/10/revealed-111-montgomery-street-crown-heights.html
Let's all chip in!
quote:
Hi (whynot_31),
As you may know, my team is exclusively marketing one of the last remaining, sizable development opportunities along the north side of Prospect Park at 111 Montgomery Street. I wanted to let you know that the preliminary bid deadline is next Friday, October 23rd, 2015.
The site is being delivered with DOB-approved plans for the development of a 12-story, 168,000 gross SF building with 162 residential units, a rare opportunity for this section of Brooklyn. The property is situated in the heart of Brooklyn, surrounded by cultural landmarks and world-famous attractions. The site is directly across from the Brooklyn Botanic Gardens and Prospect Park, and is walking distance to the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library.
For a quick aerial video tour, click here. For the complete Offering Memo, Due Diligence access and Bid Form, please email me or call the office at 718-768-6888.
Looking forward to discussing.
Melissa
Melissa Warren | Partner | TerraCRG | 634 Dean Street | Brooklyn, NY 11238
T: 718-768-6888 | F: 718-768-6288 | mwarren@terracrg.com | terracrg.com
I don't think I am going to be able to pull this off by COB today.
While the roof has been demolished, the external walls appear intact.
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
This lot sold for almost $25M.
http://www.brooklyneagle.com/articles/2016/6/15/brooklyn-botanic-garden-sold-crown-heights-south-site-almost-25-million
"The latest permits indicate the building will encompass 168,236 square feet. If the new owner builds the current plans, the residential units, ranging from studios to three-bedrooms, should average 814 square feet apiece. Amenities include a 71-car underground garage, a pet spa, private residential storage, storage for 81 bikes, outdoor terraces on the ground, second, and rooftop levels, and a fitness center. Karl Fischer is the architect. Demolition permits indicate crews will begin to raze the existing single-story warehouse imminently."
http://newyorkyimby.com/2016/06/developer-acquires-site-of-12-story-162-unit-residential-project-at-109-montgomery-street-crown-heights.html
I didn't get a photo, but the external walls are the only about the only part of this building that now remains.
This building will likely take about 3 years to complete, but its rents should far exceed those at area buildings that have been flipped.
For some perspective, here are a few units at 15 Crown Street in a pre-war building that is/was rent stabilized.
http://streeteasy.com/building/15-crown-street-Brooklyn
...the units have been flipped to just under the $2700 RS cap.
...this rezoning will just influence the rate at which it disappears.
They'll work the numbers...