884 Franklin Ave (at Carroll)

dmiami2

884 is for sale at $1.9m

I think this site will sell pretty quick at this price, it certainly would on the north side of of EP.    It'll be interesting to track as a barometer of both Crown heights in general and the appetite for investment south of EP.

http://www.agorafy.com/listing/110861/884-Franklin-Avenue-Retail-Building-for-Sale

whynot_31

It has a lot of BSF available. Whoever buys it for $1.9M will likely need to tear it down and build something larger in order to get a return on their investment.

yesbrooklyn

Or they could just build up 2 stories.  No doubt investors will start to turn a keen eye south of EP.

Brooklyneya

My laundromat!

The old bakery next door has got to go. The laundromat on the other hand is much needed. There aren't many in the direct vicinity. Grrr...

dmiami2

Yes, that Bakery had a for sale sign on it about 8 years ago....  Also, the laundromat seems to be very busy, so i suspect the business is successful.  Not sure it will support a 2M investment though...  

The other laundromat across the stream has been papered up for a long time now. 

NWeasley21

The only way this is good news is if they replace it with a larger laundromat with newer machines, (I'd kill for machines that use cards you load with money instead of quarters) but that seems unlikely. I'm not sure what's going on with Grandma's Laundry across the street, but it looks like I might have to switch where I wash my clothes sometime soon!

whynot_31

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

dmiami2

I could see a developer trying to also snatch the bakery next door and combine the lots.  That would be a lot of street front on Franklin.  

whynot_31

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:

dmiami2

This place is still for sale, and it just occurred to me that the Sea Crest development site is directly behind it.   If I was developing that site it would seem a worthy investment to buy this property to extend the larger lot behind it to Franklin ave.   Perhaps its a lot of legal work to combine the lots but I think it would be better than having your lobby on a dead end street.  

http://www.loopnet.com/Listing/19707185/884-Franklin-Avenue-Brooklyn-NY/

Building permits for Sea Crest have been approved for awhile now and demo is long over... i don't think anything has been happening though.   

whynot_31

dmiami2 is referencing the site of the former Sea Crest parking garage, on Carroll:  http://www.brooklynian.com/discussion/comment/569570

whynot_31

The Crown Star Laundry has now closed: http://www.brooklynian.com/discussion/comment/572024#Comment_572024

...which makes me believe that a buyer has been found.

dmiami2

Deli accross the street has closed up and is being gutted already. Not sure the details but will put a thread up later.

whynot_31

I looked inside Crown Star Laundry today, and the machines have already been removed.

Brooklyneya

The deli is being renovated.

Marco555

The machines were already gone last night. They were mopping up the [empty]store when I walked by st about 6:30

whynot_31

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.

 

iamahmadrabah

DR would never take the spot. Too much crime

whynot_31

It appears the lot is zoned R6A, so a 7 story building could be constructed.

http://maps.nyc.gov/doitt/nycitymap/template?applicationName=ZOLA&searchType=AddressSearch&addressNumber=884 &street=franklin avenue&borough=Brooklyn

http://www1.nyc.gov/site/planning/zoning/districts-tools/r6.page?tab=2

whynot_31

884 now has a sign stating it is for lease. ...which may mean that teardown is not likely, and it did not sell.

Marco555

whynot_31 said:

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.

 

These parts aren't known for many chain drugstores and there's already a rite aid on bedford between Montgomery and sullivan. Not to mention the Associated on Franklin between Crown and Carrol for those Quick-purchase items. 

franklinandeastern

I went in to the Associated the other week. Not my usual shopping location. I was blown away by how expensive it was. The store was nice and they carried a good selection of items, but the prices were pushing comical. Made Bob & Betty's prices look bargain basement.

Marco555

Many of the teas and larger seltzer bottles are priced the same as the Wholesome on Flatbush and Lincoln. Can't speak to other products, however. Or to how either compare to Western Beef.

whynot_31

By my count, the immediate area will have an additional 650 units by 2020.   

Here is my math:

The Sea Crest lots could produce 500.

Sea Crest: http://www.brooklynian.com/discussion/39234/the-sea-crest-linen-site-46-crown-st-#Item_10

Sea Crest garage:  http://www.brooklynian.com/discussion/39263/931-carroll-between-franklin-and-the-shuttle-tracks#Item_2

The BBG building will produce another 170:

 http://www.brooklynian.com/discussion/comment/559266#Comment_559266

Tivoli could produce 80:  

http://www.brooklynian.com/discussion/43762/tivoli-towers-crown-and-franklin/p1

Then, we have all of the units that are turning over in Ebbets, Tivoli, and along Union and President.

dmiami2

Add another 165 units on Crown and Rogers.

http://www.brooklynian.com/discussion/39022/south-of-ep-the-church-at-rogers-between-carrol-and-crown-is-next-to-go

whynot_31

And, by 2022, lets estimate something like 150 apartments or 150 hotel rooms on the SW corner of Bedford and EP: http://www.brooklynian.com/discussion/38184/the-gulf-stationdunkin-donuts-at-ep-and-bedford-1550-bedford 

In addition to the 300 that will be part of the armory complex:   http://www.brooklynian.com/discussion/35353/the-repurposing-of-the-armory-at-bedford-and-union/p4

So -roughly- 1200 additional units over the next five years.   

...all of which makes me think the owner of this lot (be it a new owner or the old one) should try to pick up the lot next door and -if necessary- find some way to kill the next five years.  

mugofmead111

FWIW, there have been multiple reports that Walgreens (which owns Duane Reade) has been considering buying Rite Aid anyway. If that were to occur, that wouldn't necessarily preclude that spot from turning into a Duane Reade, as there are Duane Reades within a couple of blocks of another Duane Reade or Walgreens. 

I can't wait for that merger to occur if and when it happens. The Rite Aid on Bedford is lacking.

Years ago there was a rumor that Walgreens wanted to open up on Empire Boulevard, but the intended building has known structual issues. The realtor is technically looking for a tenant, but realistically I'm expecting the ecisting structure to be torn down.

whynot_31

@iamahmadrabah Have you had conversations with DR or similar entities about the former Pioneer location that your family owns?

yesbrooklyn

That would really be the perfect site for a DR...

dmiami2

Just sold for $1.8m.   We'll see what happens next.

whynot_31

Needless to say, $1.8 is pretty close to the asking price. $1.9