341EPW folks to develop Toomey's old spot - Brooklynian

341EPW folks to develop Toomey's old spot

http://therealdeal.com/issues_articles/new-players-get-in-the-game/

In addition to 341EPW, Bluejay is working on two more residential projects in Brooklyn, where Jacobson said he sees continued “upside opportunities.”  In late 2013, the firm paid $800,000 for 608 Ocean Avenue in Flatbush, where it’s planning an eight-story, 20-unit rental. Also in late 2013, it shelled out $1.1 million for 258 Empire Boulevard in Crown Heights, where it plans to build 40 to 50 apartments.

Comments

  • edited October 2014
    Obligatory "before construction" shot:

    image

    For orientation, the bus is on Rogers, headed north.
  • edited April 2015
    258 Empire. SE corner of Empire and Rogers.

    This lot is now listed for sale again. However, you won't be paying the $1.1M that Bluejay paid in late 2013: The asking price is now $3.2M

    Quite a nice ROI. Here are the basics:

    8,916 SF of development rights.

    •Lot Size 7,133 Sf (100’ X 71.33’)
    •2,828 built Sf (20' X 30')
    •8,916 buildable Sf
    •Zoned R5/C1-3

    Here's the pitch:

    "Epic Commercial Realty is exclusively marketing a property located at 258 Empire Blvd on the southeast corner of Empire Blvd and Rogers Ave.

    The property’s prime location also offers the following benefits:

    •Rising rents, one of the highest rent increases in any neighborhood in Brooklyn.

    •The property is located two blocks from the Sterling St [2,5] train station.

    I look forward to working with you. Please do not hesitate to contact me with questions.

    Sincerely,
    Yona Edelkopf

    As​king price $3,200,000

    Yona Edelkopf
    CEO
    Epic Commercial Realty
    580 Broadway, Suite 1107
    New York, NY 10012
    Phone: (646) 278-4614
    (646) 278-4614
    Fax: (845) 504-4123
    email: yedelkopf@epic-cr.com
    www.epic-cr.com"
  • edited April 2015
    Needless to say, anyone that buys this property for $3.2M will be betting that the area is upzoned, just like the folks who previously purchased it for $1.1M and hoped to build 40 - 50 apartments.

    ...they are going to need more than 8,916 BSF.
  • edited July 2016

    Demolition permit granted today, 6/29/2016.

    http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321405555&passdocnumber=01

    It sounds like it is for the wood property on the left.    Note, both the wood building and the old Toomey's site are part of the same lot.

    252 Empire

    254 Empire

    256 Empire

    258 Empire


    wood
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