505 St. Marks. Compare supermarket brings in the builders!?

It really takes the 'hood to another level, and I suspect people are paying more to live near it.

Yesterday the brokerage Massey Knakal put out a release saying a local developer has purchased a site at 505 St. Marks Avenue in Crown Heights and plans to construct a 128-unit rental. The existing building on the property, which is between Classon and Franklin avenues, is going to be demolished. The site sold for $4.5 million

http://www.brownstoner.com/blog/2011/10/big-new-rental-planned-for-st-marks-ave-in-crown-hts/

Arrival of demolition equipment imminent.

http://www.brownstoner.com/blog/2012/07/making-way-for-rental-devo-at-505-st-marks-avenue/#disqus_thread

Unfortunatly, the new building probably won't replace the old day care that was here, which, I predict will be sorely needed in the next five years.

Definitely an interesting time, for better or for worse, to be living in the neighborhood. Since moving here in November, there's been so many things going on its almost hard to keep up.

My mom used to work in that day care center.

With all of these market rate developments coming, there is really no way that Compare could fail.

...yes, all of these new families will need Daycare, but I suspect they will have to go to a cheaper neighborhood, where land is less expensive, to obtain it.

Have you priced day care recently? I'm willing to bet it can make more money per square foot of real estate than a lot of the businesses on Franklin Ave.

While Daycare might be expensive, it is often not very profitable to provide. Sadly, that tuition money goes quickly out the door in the form of expenses like insurance, teacher payroll and conformance to DOH regulations.

...Mercedes driving Day Care owners are rare.

Unless the owners obtain a clientele is able to pay for these expenses AND the convenience of being in an expensive neighborhood (which can be done...), the proprietors are wise to locate outside in a cheaper neighborhood.

Push that stroller east?

Hire a nanny?

Update Oct 13, 2102:

A construction fence has been erected, and an excavator has begun to gnaw away at the buildings

I'm pretty sure that whole block of St. Marks is zoned for greater than 6 stories, so it wouldn't surprise me if some of the remaining low rise structures on the block also sold, demolished and built upon.

http://www.flickr.com/photos/atomische/sets/72157631800139193/with/8100582555/

Update late Feb 2013: Some foundation work is actively going on at this site.

Hopefully we will get to see some structural steel by May.

More rentals okay higher rents!

Yes, the rents will be infinitely higher than they are right now, considering we're talking about a dirt lot.

I predict this is going to be a tough next few years for Chloeroyale, accepting changes and coming to terms with reality.

Epiclylaterd it's a win win for me!! Trust me on that one!!!!

I don't think u should be concerned about me u need to look out for yourself! U just started the game!

I find the concept of there being winners and losers interesting.

Each party (the renter, the landlord) agrees upon a price, which is correlated to their level of risk and investment, and things like age.

Without more information, I am not sure which role I would choose.

Please why not please!

On the plus side, this development is likely to attract well qualified tenants, with good credit ratings, who I would have financial recourse against if they trashed the place.

On the negative side, they are likely to be very transient and picky in nature, causing me to have to pay a lot for property management.

On the plus side, the building should be new and easy to maintain when it is finally occupied.

Etc

Oh that's so wonderful for u why not

Epiclylaterd said:

I predict this is going to be a tough next few years for Chloeroyale, accepting changes and coming to terms with reality.

It's pretty easy for her I think. She'll just keep bashing the "new" people in the neighborhood and finding various things to complain about. I'm sure she'll be just fine.

Epiclylaterd let me check u now. I don't bash the new people in the area! I just tell u how I feel and I'm not alone in the way I feel. As for the new people soon there will be an exodus out of the area after the prices become unaffordable everything in this life is temporary . I won't dig into u too hard because mike will get on me again. U know he monitors me closely!!

Epiclylaterd said:

Definitely an interesting time, for better or for worse, to be living in the neighborhood. Since moving here in November, there's been so many things going on its almost hard to keep up.

That is why I focus mostly on the big projects, like this one.

The opening and closing of small, storefront businesses are too hard to keep up with.

March 10th:

I looked at the progress of this lot today.

a. Demolition is complete.

b. All debris has been removed.

Next steps:

-Dig a big hole for the foundation.

-Haul away the dirt.

-fun with cement.

P.S. Those mourning the loss of the daycare center that was previously at this site, should note that it one was of several to lose city (ACS) funding as of the start of FY 2011 (July 1, 2011).

http://www.nynp.biz/index.php/breaking-news/1997-acs-lists-15-day-care-cen..

It isn't clear why this daycare center was selected to be among those closed, but ACS funds child care for families who are of limited means, and day care centers which are not able to maintain census are those at risk.

It could be that this center was no longer able to maintain census as a result of the area becoming wealthier, and that ACS chose to allocated its limited resources to areas of greater need.

Noticed some wood go up on the old post office next to Compare Foods. Anyone have a heads up what's going on?

If you are talking about the building that used to be radiology, I'm not sure that Alma has a tenant yet.

It is a big space. I'd be interested in it if I was CVS or Rite Aid.

Single story building on far left of photo, before shuttle tracks:

That's the one

I want that "Radiation" lettering. That'd be a pretty boss decoration.