Employee of Spice factory (on Franklin near Sullivan) states rumors of sale are not accurate

Note, despite the conversation above, the NYC maps show these lots as being zoned R6A http://www1.nyc.gov/assets/planning/download/pdf/zoning/zoning-maps/map16d.pdf

So, to get 200,000 BSF, this sale will involve all of the northern portion of the property. (i.e. not the main building, or the large vacant lot to the south of the main building) Main building has google logo on it: shot showing whole property:

I hope they retain some of the architecture on the site. Perhaps the work on the roof of the brewery is a sign they want to protect against further damage during development.

the architecture is surely unique and always fascinating. Modern building today are built on the cheap and haven't a care for uniqueness.

If they go condo, some of those sturdy brick buildings are likely to be kept.

Today's article on the topic seems to indicate how few details are known: https://therealdeal.com/2017/09/19/eichner-partnering-with-lincoln-equities-on-giant-crown-heights-resi-development/ Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities are planning to develop a 1-million-square-foot mixed-income residential project in Crown Heights — one of the largest developments in the history of the neighborhood. Lincoln recently went into contract to buy two parcels at 120-136 Montgomery Street spanning a combined 88,800 square feet, as The Real Deal reported Monday. Speaking at the RealInsight New York Multifamily Summit on Wednesday, Eichner said the partners are buying a 120,000 square-foot assemblage and it wasn’t immediately clear which lot makes up the balance. He declined to say how much the partners paid for the site, but claimed the entire project will cost more than $500 million. Cushman & Wakefield’s Robert Knakal is brokering the land sale. The partners hope to develop four buildings and earmark 50 percent of the units for below-market rents in return for a rezoning that allows for more density. The project still has to go through ULURP and win city approval. According to Eichner, it will be built under the city’s Mandatory Inclusionary Housing program. Eichner also said he will develop the project with union labor. He claimed AFL-CIO’s Housing Investment Trust signed a letter of intent to finance the development in a bond deal that would cover 75 percent of the cost. The trust could not immediately be reached for comment.

Does it include the former laundry plant site? http://www.brooklynian.com/discussion/comment/575003#Comment_575003

My guess is the empty lot directly south of the buildings. It looks like the same entity owns it "HPG Associates Inc" but documentation only shows a Memorandum for the lots that boarder Montgomery.

good luck on ulurp in CB9, lol

@dmiami2 Yes, that lot is now confirmed. "The partners are also buying two adjacent lots at 964-968 Franklin Avenue." They updated the article. https://therealdeal.com/2017/09/19/eichner-partnering-with-lincoln-equities-on-giant-crown-heights-resi-development/ 966 Franklin, 964 Franklin, 968 Franklin, 120 Montgomery, 122 Montgomery, 124 Montgomery, 126 Montgomery, 128 Montgomery, 130 Montgomery, 132 Montgomery, 134 Montgomery.

The 6-story main building (960 Franklin) has yet to be mentioned as being part of the sale. However the shorter buildings are believed to be part of the sale

whynot_31 said:

@dmiami2 Yes, that lot is now confirmed. "The partners are also buying two adjacent lots at 964-968 Franklin Avenue." They updated the article. https://therealdeal.com/2017/09/19/eichner-partnering-with-lincoln-equities-on-giant-crown-heights-resi-development/ 966 Franklin, 964 Franklin, 968 Franklin, 120 Montgomery, 122 Montgomery, 124 Montgomery, 126 Montgomery, 128 Montgomery, 130 Montgomery, 132 Montgomery, 134 Montgomery.

Those lots have been vacant for as long as I could remember. The lots are also interestingly shaped.

whynot_31 said:

Today, some kind of work was spotted at the former subway station for the Consumers Park Brewery. (this complex became the "Spice Factory") ...it doesn't appear to be demolition and no demolition permit is on file (yet?) http://a810-bisweb.nyc.gov/bisweb/PropertyProfileOverviewServlet?houseno=130&street=MONTGOMERY+STREET&boro=3

Watch this...is this building landmarked?

whynot_31 said:

The 6-story main building (960 Franklin) has yet to be mentioned as being part of the sale. However the shorter buildings are believed to be part of the sale

The Memorandum is for the whole lot (block lot) and the "Property"... So it's the whole enchilada. All the buildings... Those addresses on Montgomery don't define the purchase. The only structure that is not yet confirmed is the one story building between the tall buildings and the odd shaped empty lot to the south.

I'll take your word. ...and am almost ready to declare Ebbets Field Apartments surrounded. http://www.brooklynian.com/discussion/46714/ebbets-field-apartments-get-a-make-over

whynot_31 said:

I'll take your word. ...and am almost ready to declare Ebbets Field Apartments surrounded. http://www.brooklynian.com/discussion/46714/ebbets-field-apartments-get-a-make-over

If that site at 103 Empire (the corner of McKeever Place and Empire where the laundromat used to be) and the site of the Rite Aid (Walgreens bought the chain) were to be purchased and developed, then we can call the site surrounded.

So, maybe five years from now?

Some coverage: https://www.dnainfo.com/new-york/20170926/crown-heights/spice-factory-development-franklin-avenue-golombeck This article also suggests the factory will be shut down and sold

Food for thought: http://www.brownstoner.com/development/spice-factory-brooklyn-development-crown-heights-consumers-park-brewery-960-franklin-avenue/

The large building might have value as housing, so it might survive in some form.

"That means the project will have to go through the formal public review process known as ULURP."

Hahahahahahahahaha! Shall I bring the popcorn?

It's interesting how there didn't seem to be much interest in having it landmarked.

Landmarking someone else's property against their will isn't as easy as some people believe it is. https://www1.nyc.gov/site/lpc/about/the-designation-process.page We live in a city with pretty strong property rights.

Can we infer from this job posting that the Spice Factory isn't going anywhere, anytime soon? https://www.linkedin.com/jobs/view/logistics-&-billing-coordinator-at-morris-j.-golombeck,-inc.-458733764/

I don't know if this has any new info, but it seems to indicate 4 buildings, 25-35 stories each, 1.2m sq ft total. https://www.wsj.com/articles/developer-reaches-tentative-deal-for-union-financing-of-crown-heights-project-1509288519

I would love to have the resources to be able to research whether the union is really coming up with the financing, as opposed to it being a pretty clever move by the union in conjunction with a large investment firm to get more "bang for the buck". ...It certainly could work.

the AFL-CIO has at least $6 billy to play with http://www.aflcio-hit.com/wmspage.cfm?parm1=885

"Eichner, along with Lincoln Equities Group, will pay around $75 million for the three-acre parcel, located on Franklin Avenue and Montgomery Street. According to Eichner, the development could span 1.2 million square feet, with four buildings that could rise as high as 30 stories—a height that is rarely seen in the relatively low-slung Brooklyn neighborhood. In order to build that tall, the developers would need to work with the city rezone the area, which currently allows for mid-rise buildings. According to Eichner, they would try to do so through the city’s Mandatory Inclusionary Housing program, thereby earmarking half of the promised housing as affordable in exchange for denser buildings. Eichner seems confident that this would be a welcome change, telling the WSJ that “early indications from the local elected officials are that this [upzoning] is exactly what they want to see.” https://ny.curbed.com/2017/10/31/16580954/crown-heights-ian-bruce-eichner-rezoning

Fortress Investment Group has given a $35.4 million loan to Ian Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities for the acquisition of the site of their massive residential project in Crown Heights, The Real Deal has learned. The 18-month acquisition loan allows the companies to close on the site and finance their rezoning application, according to Eichner. The companies plan to develop four buildings on the parcels at 120-136 Montgomery Street and 964-968 Franklin Avenue with 50 percent affordable housing in exchange for a rezoning allowing for higher density. The residential project will span 1 million square feet, making it one of the largest developments in the history of Crown Heights. Eichner previously told TRD that the project would cost more than $500 million. AFL-CIO Housing Investment Trust is slated to provide the project with construction financing, and Eichner will only use union labor on the site as part of the deal. https://therealdeal.com/2017/11/20/eichner-lincoln-equities-closes-on-purchase-of-crown-heights-megaproject-site/

What happens if they fail to get the rezoning?

If they fail to get the rezoning, they are allowed to build fewer square feet, and buildings that are less high. As a result, they would only build market rate units. However, they could build fewer apartments. ...and they might not be able to recoup their $75M investment.