569-unit rental planned next to Brooklyn Botanic Garden in Crown Heights
Rendering via JLL
Plans for a 17-story mixed-use project with 569 rentals in Crown Heights are moving ahead. Carmel Partners acquired $233 million in construction financing for the development of the new building at 54 Crown Street, which sits just one block east of the Brooklyn Botanic Garden. Work has already begun on the complex, which will include both commercial and community space as well as parking for 170 vehicles.
“We are thrilled to have completed this transaction with a strong sponsor, who is committed to bringing much-needed housing to the Brooklyn market and has proven its ability to successfully deliver exceptional homes in high barrier-to-entry locations,” Christopher Peck of JLL Capital Markets, which worked to acquire the loan on behalf of Carmel, said.
Hill West Architects is the architect of record, according to an application filed with the city’s Department of Buildings in 2019 and approved in 2020. The building will rise 174 feet and include roughly 7,400 square feet of commercial space and 1,325 square feet for a community facility.
Carmel acquired the site at 54 Crown Street in 2018 for $41 million as part of an assemblage of three lots, as Crain’s reported.
That stretch of Franklin Avenue was targeted for a rezoning, which would have allowed the 1,500-unit development planned for 960 Franklin Avenue. After pushback from the community and the Brooklyn Botanic Garden, which said the two high-rise buildings would block necessary light for its greenhouses, the application from Continuum Companies and Lincoln Equities was rejected, killing the rezoning.
According to the Real Deal, Isaac Hager and Daryl Hagler purchased 960 Franklin Avenue in November for $43 million.
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so this site will have 569 apartments, what are the AMI? much needed housing? this neighborhood is rapidly changing, this neighborhood needs much truly affordable housing on that block, etc, I hope these apartment units are not more high price apartments, which seems to be the norm, when it comes to gentrifying that neighborhood
Would like to register for an affordable apartment.
how to file a application for 54 crown st
I am a subscriber but none of the pictures accompanying the articles are coming up. On a very few stories the pictures actually do come through. I enjoy keeping up with the activity in New York. Wanted to bring this to your attention. Keep up the good work.
Thank you,
Linda
I am a subscriber but most of the pictures are not coming up with the articles. I enjoy reading your newsletter. Please keep up the good work.
Thank you,
Linda Parker
They are killing our neighborhood with these buildings growth probably not considering old zoning laws and building sizing,
just how much money they will gain. definitely not truly supporting low income.
Wow. Admire all of the architectural detail!
Today they started construction before 6:30am. They are still working at the time I post this, 6:54pm. We were told construction would be from 7am to 5pm Monday thru Friday. My apartment directly faces the site. It’s so inconsiderate to not respect the people who live on this block.
When will it be finished and what are the names of stores and can I see pictures how it’s going to look
How do I apply for a apartment