Shovel-ready Crown Heights site hits market

November 01, 2011 01:48PM

TerraCRG President Ofer Cohen and 341 Eastern Parkway
TerraCRG is marketing a Crown Heights development site that’s already approved for an eight-story, 77,000-square-foot residential structure, Crain’s reported.

The vacant lot, at 341 Eastern Parkway at Franklin Avenue, measures 14,000 square feet and is three blocks from the Brooklyn Botanic Gardens. The site was purchased by a company called A.J.J.M.D. Realty Corp in 1994, public records show.

TerraCRG President Ofer Cohen said the owners maintained active building permits so that it would be ready to sell. It is currently approved for 63 residential apartments above 7,500 square feet of retail space, 870 square feet of community space and 38 parking spots. Insiders estimated rents in the building could net a developer $42 to $45 per square foot, while a condominium could yield as much as $650 per foot.

Though there is no asking price, bids are due Nov. 22. Cohen said interest should be heavy considering the attractive size of the approved development. [Crain’s]