The Curious Case of 341 Eastern Parkway - formerly known as "The Hole".

Nice spot Epicly!

Readers, this says that -indeed- Capital One will be a tenant at 341 Eastern Parkway:

http://www.terracrg.com/setups/Franklin_and_Dean.pdf

It's only just occurring to me how much more crowded the platform at Franklin is going to be with these 65 units, the 128 rental units on St. Marks, and the owners of Hello Living Sterling's 46 units switching to/from the 3.

Don't forget about the people will soon be getting OFF in the morning at Franklin to walk to where they now work:

-1000 Dean

-The Court Officers Academy.

At this point, we can all see (by looking) that the developers have chosen a light color brick as the facade for the building. So, I am just using the below rendering for illustrative purposes:

At least 3 businesses will be accessed from Franklin Avenue, forming a "row of about five businesses" (Bob and Betty's + Pulp and Bean + 3 more).

Eastern Parkway is presently zoned in such a way that only community/professional businesses can face it. Hence, discussions are underway with healthcare companies re: the space near the row houses.

Nov 11:

A sit down restaurant is going to occupy part of the first floor, and will be accessed via Franklin Avenue.

It will apply for an alcohol permit, and have a large bar.

I have been told it will serve "American Food", and that the owner has other locations.

Dec 6:

It appears as if the "building envelope has been closed", meaning that they have now finished the building to the degree that they can heat it.

Once they finish some remaining things on the exterior, they will be able to take down the scaffolding and fully reveal it.

Meanwhile, contractors are installing drywall and electrical inside.

One can also see they have created a "sample unit" for potential buyers. It would not surprise me if they began showing the unit in February.

Readers, this development is one of the Big Developments happening in western Crown Heights in 2014 that we will watching closely. To learn about the others see this thread: http://www.brooklynian.com/discussion/37490/the-big-6-developments-in-western-ch-in-2013-the-big-11-developments-in-2014#Item_29

Nov 11:A sit down restaurant is going to occupy part of the first floor, and will be accessed via Franklin Avenue.It will apply for an alcohol permit, and have a large bar.I have been told it will serve “American Food”, and that the owner has other locations.

Despite paying to build out some of the space, this restaurant entity is now no longer coming.A new tenant is being sought.

I can now disclose that Starbuck's is in conversation with the landlord for the space that was going to be the "american food" restaurant.

I thought Bob and Betty's got a no-compete clause?

Correct!

Bob and Betty's thinks it has such a clause as well.    

However, said clause was put in effect with the prior owner of the property (back when it was a Mazon's discount store).    The new owners and Starbucks are arguing that the contract is not binding as a result of some perceived loophole in said non compete clause.

In the event this argument fails, Starbuck's will start building out Climax.

The owner of Pulp and Bean might conclude that the cost of enforcing the non compete clause may exceed the benefits.

He might take cash and walk away, or get nothing and merely walk away.

I can say with some satisfaction that aesthetically this building is one of the most appropriate new constructions the neighborhood has seen.  It fits in completely with both Franklin and EP -- well done, architects!

P.S. Anyone know what's going on with the subway entrance on Franklin?  The opening date changed quite radically from 2/28 to 5/28.

Details on how much Capital One paid for their space:

http://www.crainsnewyork.com/data-lists/real-estate-deal-watch/details/12/2960774

Thanks for posting whynot, I hasnt heard that it was going to be a bank.  Kind of a bummer.  So much for Starbucks, unless the space is split and not entirely the bank?

The first floor consists of 3 -4 spaces.

1. The bank.
2. The space that was going to be a restaurant, but now might become Starbucks.

3, 4 still available space (s)

Hi. New to discussion. Interested in buying one of the units once the building is finished. Anyone have any insight on when they may be listed? I've been watching this building go up from day 1. I think it's a great addition to the neighborhood.

Welcome.

I believe the firm Apts and Lofts will exclusively list the units, which should happen in a few weeks.

www.aptsandlofts.com

thanks whynot. I've heard this and will keep my eye out. Hoping they stay in the 700 psf range.

I expect them to be closer to $850 psf or more, depending on the finishes.

I agree with whynot. Scaffolding has been removed and now the building can be seen almost completely. Awful aesthetics in my opinion. The bulkhead couldn't be bigger. Let's hope it brings, at least, the boost the neighborhood needs.

The neighborhood NEEDS a Starbucks, preferably one that opens early and closes late.  Please let it be!

Here's a closer shot

Two more. Soon we will get prices and open houses:




Photos not taken by Whynot.

Heads up!

Curbed says the developers have changed their mind: The units will be rentals, not condos.

http://m.ny.curbed.com/archives/2014/03/31/longintheworks_eastern_parkway_condo_shows_itself.php

This is extremely disappointing. I was really looking forward to buying in this building. Will be interesting to see what they're listed for rent.

Sorry about that. However, there are a lot of buildings in construction, and some of them may end up as condos. 

http://www.brooklynian.com/discussion/37490/the-big-6-developments-in-western-ch-in-2013-the-big-11-developments-in-2014#Item_29

 Meanwhile, area businesses should be considering if they are properly positioned to meet the means and preferences of high income, transient renters.

....their preferences and demographics are often different than folks who buy.