555 Eastern Parkway "The Francis" Starts Renting

I have always been curious about the beautiful, slowly renovating building at 555 Eastern Parkway "The Francis." It has been empty since I moved to CHN in 2010. Apartments went up for rent 6 days ago, starting at $2,700 for 2 bedroom apartments. I wonder if the original layouts have been preserved or it is has been chopped up. 

Nostrand Park Bloggers mused about where the people who used to live there went. From whynot's posting a few days ago that reveals that CHN is one of the top 3 neighborhoods for producing newly homeless families and individuals...I hope they at least got a decent buyout. Anyone know the story?

555 Eastern Parkway - The Francis
Grandeur of Yesteryear Renovated with Modern Condo-Style Finish
At last, a building that welcomes you home with a pre-war exterior of warmth. And modern conveniences within will make you feel very much at home. Located on one of Brooklyn's most attractive thoroughfare tree-lined Eastern Parkway. Steps away from the 3 train @ Nostrand Avenue or a short walk from the 2/3/4/5/S trains @ Franklin Avenue. Franklin Avenue is now the home of some of the hippest restaurants, bars & shops. Saturdays, you will find one of the largest Farmers Greenmarket at nearby Grand Army Plaza. Also, in this same area other Brooklyn attractions can found like the Brooklyn Museum, The Brooklyn Botanic Garden and Prospect Park.

You can be the 1st one this live in this beautiful 2BR. This classic 4-story edifice that has been re-imagined in every way. No detail overlooked Sensible layouts mostly with two generous bedrooms and a few oversized one bedrooms, closet space galore & solid oak floors throughout; Live life lit with recessed lighting and your environment comfortable with tenant-controlled C/A/C & hot water. Your custom maple kitchen set upon porcelain flooring with Cambria quartz countertops finished in Torquay and glass backsplash. The recessed sink with a Kohler faucet is complimented by a complete Stainless Steel appliance package. The gorgeous bath is wrapped in white subway tile and finished with uniquely styled vanity along with mirror wrapped Kohler medicine cabinets, chrome Hansgrohe faucet and American Standard toilet. Guests and deliveries can be screened with the State-of-the-Art video intercom provided. Laundry room on premises. [less] 

Building has been vacant since 2008. I know the landlord quite well and with the recession financing for renovations was tough. He paid for a lot of the work out of pocket. He owns the building quite a long time so I suspect he didn't buy anyone out but just waited for people to leave but then, I never really asked.

Landlords usually only buy people out when they are in a hurry to flip it.

Everything is priced just above rent stabilization.

In the present environment, the economics often cause landlords to do only enough MCI to escape the $2500 rent stabilization cap.

https://www.google.com/search?site=&source=hp&ei=cotwVNT-Ns3fsATy4IHoBA&q=pmi+rent+stabilization&oq=pmi+rent+stabilizatio&gs_l=mobile-gws-hp.1.0.30i10.3575.21346.0.24366.24.23.1.3.3.0.612.4918.3j14j0j4j1j1.23.0....0...1c.1.58.mobile-gws-hp..9.15.2619.2.2fNhFfydUYo#q=rent+stabilization+major+capital+improvement

Hence all the vigorous renovation throughout the neighborhood.

Brooklynian is credited
http://www.brownstoner.com/blog/2014/11/leasing-starts-at-long-empty-building-on-eastern-parkway-in-crown-heights/

In recent walks around the neighborhood (East of Rogers to Albany, between Atlantic and EP), I have noticed countless buildings that are vacant and undergoing renovation. You can usually tell by the windows - whether they be gone, plywood or new with stickers on them, construction permits, crews, porta-potties, etc.  I would guess that each building has between 16-32 units each. While not big enough to make it into the CHN big 16 developments, each of these will be adding to cumulative affect of altering the future of this neighborhood. 

I suspect that most of the renovations were made to put them above the rent regulation threshold. However, keep in mind that if an apartment rents less than $2,500, it still could be de-regulated. All the landlord has to prove is that they spend enough money to justify renting it above that mark (given the the MCI calculation which I can't remember). If the market for that apartment is below $2,500, it is still a market rate apartment.  

It just seems to me at this moment that landlords are seeing justification to invest.