Just adding a better picture and CPEX's latest pitch: http://www.cpexre.com/system/assignments/packages/000/000/710/original/884_Franklin_Avenue_-_Setup.pdf?1459268206
It is also not certain that Franklin south of EP will be upzoned as part of the CB9 planning study.
...if the same entity ends up owning the laundry and the former bakery, AND the lots are upzoned, the return would be pretty nice.
Picture of the former bakery, 882 Franklin:
If I were an investment firm I would line up Duane Reade as a renter, purchase 882 Franklin and 884 Franklin, and combine them for Duane Reade. Completion date: Aug 2017.For the next 5 years, I would rent out the space to Duane Reade. Then, in 2022, I would tear the buildings down and promise Duane Reade they could be a first floor tenant of the 8 story building I was constructing.