The Real Deal New York

Crown Heights development site bought for $18M

Seller Crow Hill to hang on to separate part of land at Franklin Avenue property
By Mark Maurer | August 12, 2014 03:00PM

Crow Hill Development sold a 100,000-square-foot mixed-use development site in Crown Heights for $17.5 million, Brooklyn brokerage TerraCRG told The Real Deal.

Developer 608 Franklin Ave LLC paid $231 per buildable square foot late last week. The 21,929-square-foot site at 608-614 Franklin Avenue features 154 feet of frontage on Dean Street and 141 feet of frontage along Franklin.

Crow Hill, led by Fabian Friedland, had plans to develop on the land after buying it for $7.5 million in 2008. But the firm lost construction financing during the economic crisis. Crow Hill is retaining another part of the property, which it will still develop.

Crow Hill, affiliated with an unrelated 608 Franklin LLC, filed plans in June to construct an 80-foot-tall residential property at 937 Bergen Street, with 119 apartments and ODA Architecture designing.

The TerraCRG team of Ofer Cohen, Dan Marks, Joseph Terzi, Peter Matheos, Melissa DiBella and Michael Hernandez represented the seller. The site hit the market for $18 million in October, shortly after the City Council approved the rezoning of Crown Heights West, as The Real Deal reported.

608 Franklin Ave LLC can now build a residential project of up to 100,875 square feet as of right, as long as affordable units for low-income families either in the development or off-site are included.

The site was formerly home to the Nassau Brewery, which operated there until 1914, when the complex was snapped up by the HJ Heinz Company as a factory for the production of canned goods. It is now mostly vacant.

  • WhoWillRobDurstPissOnNext?

    Ofer always leaves money on the table.

    • Brooklyn player

      In fact you don’t no this market!!! this buyer has so much cash that’s why he out bid every one on this deal… He undetsnads this area. not his first deal in this area No one thinks a penny was left in tabble ofer..

      • richjew

        Agree. Its a great crown heights location. Not cheap but worth the price paid for this particular buyer.

      • Brian J. Lockner

        Actually, that’s not the case either. The deal languished for months before Ofer found this buyer. The site had a ton of enviro issues which scared off many buyers despite the excellent location.

    • Brian J. Lockner

      This site was broadly marketed and had some environmental issues not mentioned in the article. In addition, as the seller is also building a project right next door, he was willing to do a deal that may have left a few bucks on the table in order to get the ‘right’ neighbor who would not negatively impact on the value of the block by doing a crappy job. No money was left on the table here, ofer did a solid, professional job.